Google Removed 2500 Fraudulent Loan Apps on Play Store; says FM Sitharaman

In a recent revelation in Parliament, Finance Minister Nirmala Sitharaman informed that Google has scrutinized approximately 3,500 to 4,000 loan-leading apps on its App Store. As a result of which over 2,500 fraudulent loan apps were suspended or removed to address the rising concerns about exorbitant interest rates and mental harassment.

Sitharaman outlined the collaborative efforts with the Reserve Bank of India (RBI) and other stakeholders when questioned about the government’s response to combat fraudulent apps. She also highlighted ongoing discussions within the Financial Stability and Development Council, a regulatory forum chaired by the finance minister to consistently address and oversee the issue.

In response to the situation, Google has revised its policy for loaning apps on the Play Store. Under the updated policy, only apps published by regulated entities or those collaborating with regulated entities are permitted on the platform.

Sitharaman emphasized the role of the Indian Cyber Crime Coordination Center (14C) in analyzing digital lending apps regularly. The 14C team working under the Ministry of Home Affairs reports suspicious apps to the Ministry of Electronics and Information Technology for blocking based on analysis and complaints received through the National Cyber Crime Reporting Portal.

In terms of enhancing cybersecurity and financial literacy, the RBI has implemented initiatives such as the electronic banking awareness program (e-BAAT) and financial education frameworks in schools. Additionally, efforts to raise awareness about cybercrime involve SMS campaigns, radio broadcasts, social media outreach, and the publication of handbooks for various audiences.

The Ministry of Home Affairs has also been actively contributing to these endeavors by organizing cyber safety and security awareness weeks in collaboration with states and union territories.

In a recent revelation in Parliament, Finance Minister Nirmala Sitharaman informed that Google has scrutinized approximately 3,500 to 4,000 loan-leading apps on its App Store. As a result of which over 2,500 fraudulent loan apps were suspended or removed to address the rising concerns about exorbitant interest rates and mental harassment.

Sitharaman outlined the collaborative efforts with the Reserve Bank of India (RBI) and other stakeholders when questioned about the government’s response to combat fraudulent apps. She also highlighted ongoing discussions within the Financial Stability and Development Council, a regulatory forum chaired by the finance minister to consistently address and oversee the issue.

In response to the situation, Google has revised its policy for loaning apps on the Play Store. Under the updated policy, only apps published by regulated entities or those collaborating with regulated entities are permitted on the platform.

Sitharaman emphasized the role of the Indian Cyber Crime Coordination Center (14C) in analyzing digital lending apps regularly. The 14C team working under the Ministry of Home Affairs reports suspicious apps to the Ministry of Electronics and Information Technology for blocking based on analysis and complaints received through the National Cyber Crime Reporting Portal.

In terms of enhancing cybersecurity and financial literacy, the RBI has implemented initiatives such as the electronic banking awareness program (e-BAAT) and financial education frameworks in schools. Additionally, efforts to raise awareness about cybercrime involve SMS campaigns, radio broadcasts, social media outreach, and the publication of handbooks for various audiences.

The Ministry of Home Affairs has also been actively contributing to these endeavors by organizing cyber safety and security awareness weeks in collaboration with states and union territories.

These concerted efforts by the government, regulatory bodies, and tech companies reflect a commitment to safeguard users from fraudulent loan apps and promote financial literacy in the digital space.