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Looking for a loan? Don’t want to be scammed? Here’s all you need to know -


Picture of Loan Applications Scam
Loan Applications Scam

#Unauthorizedloanapplications are emerging as a significant threat, enticing victims with promises of #quickloans. By installing these applications, victims inadvertently grant access to their personal data, including contacts and media.


These fraudulent applications provide loans that must be repaid within seven days. Subsequently, the scammers exploit the borrower’s personal data to extort them if the debts remain unpaid.


The crimes associated with this fraud include cheating, extortion, and data theft.


Following Modus Operandi (MO) is normally seen in these kinds of cases:

- Users install these illegitimate loan applications.

- Upon installation, the application requests permissions to access the user’s personal data, such as photos, videos, identification, and contacts.

- Scammers gain full access to the user’s personal data.

- They demand repayment through the application or a repayment link, with each transaction involving a different UPI ID.

- Regardless of whether the loan and interest are repaid or not, the scammers demand additional money under the guise of extension fees and product payments. Failure to comply results in the sharing of personal information and harassment, including threats of circulating altered images and videos to coerce repayment.

- Initially, scammers contact victims via WhatsApp, calling or messaging them. If the borrower fails to repay, the scammers message the borrower’s contacts to demand repayment. If the contacts also do not comply, the scammers access call records and other personal information to further humiliate the victim.

 

Safety Precautions:


- Always verify the legitimacy of the application and the lender, ensuring the lender is approved by the RBI.

- Do not grant access to your personal data unless the application is verified.

- Report such incidents to the cyber cell or relevant authorities.

- Avoid clicking on suspicious links.

- Always request loan agreements and necessary documentation.

- Verify the lender’s website, ensuring it is secure by checking for “https”.

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