Scammers on Prowl to scam Indians using fake apps. here


New Delhi: Although hundreds of lending apps have recently been banned or removed, fraudulent loan applications targeting middle-class and financially unsavory Indians are on the rise again. A similar case came to light in February this year, when a woman claimed to have been abused and threatened by unknown individuals who sent her altered and vulgar photos to her family, friends and relatives via social media. She contacted the IFSO unit of the special cell and made a complaint. The complainant recounted her ordeal and said she took out a loan from a lending app, Cash Advance, which she repaid on time. However, after the loan was repaid, she received threatening phone calls and messages on WhatsApp from Cash Advance staff.Also Read – Bank Fraud and Scams: How to Protect Yourself from Online Banking Fraud – Watch Video

Indians fall victim to cyber scams

Lately gullible Indian people are falling victim to the small amount of credit they receive through these China-powered fake credit apps available on Play Store every day. People are scammed in hundreds of millions of rupees every day.

A similar case came to Delhi Police Crime Department where a man claimed that he and his family, friends and relatives were abused by some unknown people through some international and national WhatsApp mobile numbers and also threatened to repay the loan taken the same “ Cash Advance” application.

In another case, when police were investigating a cyber scam of just 6500 rupees, they were shocked to learn that the bank account where the scammed amount was deposited had a daily transaction of 19.43 crore.

How do cyber scammers work?

Speaking to IANS, a senior Delhi police official claimed that several fraud cases ultimately linked to Chinese cyber gangs had come to light over the past six months. These Chinese high-tech cyber criminals have come up with a new strategy to deceive people and are now scamming Indians through fake loan applications. “These give instant money to anyone who downloads these applications for a period of a few days. At the time of downloading the application, the app asks for permission to collect the contact list, photo gallery and other personal data of the loan seeker’s phone,” IANS quoted the police officer as saying.

  • After taking out a loan, part of the total amount is deducted as a processing fee
  • If the balance is not paid within the specified period, the combined interest and penalties amount to 200 percent of the loan amount.
  • If the money is not paid, the call centers operating from neighboring countries like Nepal threaten the victims to reveal their personal information and make abusive comments about their contacts since all contacts, photos and other data are accessed while downloading the application on mobile phone the victim.
  • Since the money cannot be directly transferred to international or Chinese bank accounts, scammers require Indian bank accounts in order to accept payments.
  • Here the Chinese scammers find vulnerable, poor and greedy people of the country to help them get the Indian bank accounts.

Unregistered Digital Rental Apps vs. Registered Rental Apps

Earlier last month, Reserve Bank Governor Shaktikanta Das had said that customers borrowing money through unregistered digital lending apps should contact local police in the event of a problem, clarifying that the central bank would only take action against at their registered company will proceed. That said that most of the digital lending apps are not registered with the central bank and are self-operated.

The RBI website has a list of apps registered on the site, the governor said, adding that police in many states have been cracking down on the wrongdoers as required by law.

RBI Registered Loan App List

app name credit limit
credit bee Loans up to 2 lakhs
credit cyl Loans up to 2 lakhs
Paysense Loans up to 5 lakhs
NAVI Loans up to 5 lakhs
Lazypay (line of credit + personal loan) Loans up to 1 lakhs
Freopay (credit line) Rs.10000
Stashfin – (line of credit + personal loan) Loans up to 5 lakhs
cash bean Loans up to 1 lakhs
MI credit Over 5 lakhs
Dhani (line of credit) Loans up to 5 lakhs
use finance Loans up to Rs. 50000
NIRA Loans up to 2 lakhs
branch Loans up to Rs.50,000
smartcoin Loans up to 2 lakhs
Rupee App (Gold Loans) Loans up to 50 lakhs
Just pay later (credit line) Loans up to 1 lakhs
Mobikwik (line of credit + consumer loan) Loans up to 2 lakhs
Paytm Personal Loan Loans up to 2 lakhs
Krazybee (Consumer Loan) Loans up to 2 lakhs
Bharatpe (Business Loan) Loans up to 5 lakhs
Paytm Postpaid (credit line) Loans up to 1 lakhs
true caller Loans up to 5 lakhs
Just cash Loans up to 2 lakhs
Slice (line of credit) Loans up to 1 lakhs
true balance Up to Rs. 50,000
Zest Money (Consumer Loan) Over 2 lakhs
Amazon pays later Up to Rs. 60,000
Pay Flipkart later Up to Rs. 60,000
Tata Capital Over 10 lakhs
Tata new credit card (Qik EMI Card) Rs.10000 to Rs.150000
Tata New App (Qik Personal Loan) Rs.10000 to Rs.10,00,000
Pay money later Rs.1500 to Rs.20000
Khatabook app Rs.50,000 to Rs.10,00,000
Jupiter Credit Limit Up to Rs. 50,000
OneCard app Rs. 10,000 to 150,000 rupees
Paisabazaar Credit Limit Rs. 50,000 to Rs. 10,00,000
Pay for your mobile later Rs. 20,000
SBI YONO APP Rs. 1500 to Rs. 60000
IDFC Bank Pay later Rs. 1500 to Rs. 60000
Bajaj Finserv app Rs. 50,000 to Rs. 5,00,000
Rufilo credit app Rs. 5000 to Rs. 25,000
IBL FINANCE app Rs. 5000 to Rs. 25,000
early salary Rs. 8,000 to Rs. 500,000
money view Rs. 10,000 to Rs. 5,00,000
CASH Rs. 1,000 to Rs. 3,00,000
mbag Rs.500 to Rs.30,000
Stashfin – Line of Credit & Loan Rs. 1,000 to Rs. 5,00,000
MoneyTap Rs.1,000 to Rs.60,000
FairMoney credit app Loans up to 2 lakhs
CreditOne Rs.5000 to Rs.25,000
FlexSalary instant loan app Rs.5000 to Rs.25,000
DigiMoney Rs. 5000 to Rs. 25,000
India gives Rs.5,00,000
Mystro Loans & Neo Banking app Rs.50,000
Kissht: Immediate line of credit Rs. 10,000 to Rs. 1,00,000

How to protect yourself from fake loan apps

  • Never download the app from the lender’s website and only download it from the app store.
  • Most of the illegal Chinese loan apps don’t even list their website. If a company doesn’t have a website, don’t download the app.
  • If the website is listed, visit the website and make sure the company that owns the app is a legitimate lender that is registered with the RBI or works with a bank or NBFC that is registered with the RBI .
  • All legal lending companies are required to clearly display this along with their Company Identification Number (CIN) and Certificate of Registration (CoR) details with the RBI.

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