How can you save yourself from dangerous loan applications?


Attention! A Simple Search Can Save You From Malicious Lending Apps | Photo: Representative image

As dozens of people continue to fall prey to the growing threat of lending apps and the harassing tactics of their recovery agents, cybercrime officials say a basic internet search before installing a application can go a long way in keeping you safe.

As the harassment of loan applications increased, many of their victims began to take to the internet to express their woes. Over time, discussion forums and social media pages on many of these apps were started, where people started sharing their plight. Today, there are forums or pages for most of these apps that use illegal means like intimidation and sextortion to make victims pay.

“It’s always good practice to do a basic search on the internet for the name of any loan application before installing it. A lot of background information about application agents is freely available online, which comes from directly from the victims,” said Additional Police Chief Madhukar Pandey, Maharashtra Cyber.

He added that while this step itself can save a lot of people a lot of trouble, there’s also a second step where customers looking for quick loans might be looking for red flags: permissions an app is looking for.

“Any app that asks for permission to access your contact list or media files should be uninstalled immediately. only your contact details, not your family or friends. The same principle applies here and should be kept in mind,” Pandey said.

Officials said this step is very important because only when loan application agents have access to your contacts and photos do they have the ammunition to blackmail you later. All the tactics employed by the agents use this information extracted from the victims’ phones.

Customers can also check if a loan application claims to have a certification from a Non-Banking Financial Company (NBFC) and then check the same on the website of the relevant NBFC. The complete absence of such certification, of course, should be a wake-up call.

“It also helps to check the reviews of each app on the online platform where it is hosted. Also, another rule that one can follow is to check the age of the app. in circulation, the more trustworthy it can be considered.

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