Google Removes 2200 Fake Loan Apps from Play Store: Tips on How to Stay Safe

By Lokmat English Desk | Published: February 7, 2024 01:12 PM2024-02-07T13:12:05+5:302024-02-07T13:12:05+5:30

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The prevalence of fraudulent loan apps across the internet has created a widespread network that deceives individuals, resulting in substantial financial losses. Tragically, these deceptive lending platforms have been implicated in fatal consequences in certain instances.

Indeed, numerous customers have tragically lost their lives after becoming ensnared in the vicious cycle of debt caused by these fraudulent loan apps. In an effort to safeguard users from such risks, Google routinely conducts removals of these apps from the Play Store.

In response to a query raised in Parliament, Minister of State for Finance, Bhagwat Karad, highlighted the government's collaborative efforts with regulatory bodies such as the Reserve Bank of India (RBI) to address the issue of fraudulent loan apps.

As per the IT Ministry's records, Google conducted reviews of approximately 3500 to 4000 apps from April 2021 to July 2022. Subsequently, the company took action by removing 2500 apps from the Play Store during this period. The crackdown on counterfeit loan apps persisted throughout the period spanning from September 2022 to August 2023.

During this timeframe, Google has removed 2200 fake loan apps from the Play Store. Additionally, the company has implemented updates to its policy concerning loan apps on the Play Store. Going forward, only loan apps meeting the revised criteria will be permitted on the platform.

Your safety in the online realm largely hinges on your vigilance. Therefore, before downloading any app, it is imperative for users to conduct thorough research. Besides perusing reviews, it's essential to gain comprehensive knowledge about the company behind the app.

Additionally, it's crucial to pay close attention to the permissions requested by the app. Always opt for secure payment channels and refrain from disclosing sensitive personal information.

Ensure that your apps and devices are always up-to-date with the latest security patches. When downloading apps, utilize trusted sources such as the Google Play Store or Apple App Store. Stay vigilant, as hackers are constantly on the lookout for vulnerabilities.