- The best way to check if a loan app is genuine or fake is to check its online reviews on the Google Play Store, or on discussion forums like Reddit, Quora, and Desidime.
- You can see the launch date of the loan app in the Google Play Store or Apple App Store.
- You can find this in the URL of the app when you the app’s link from the Play Store.
In today’s digital age, loan apps offer a quick and convenient way to borrow money. However, not all of them are legitimate. Fake loan apps have been on the rise, trapping unsuspecting users in financial fraud, harassment, and even data theft. If you come across a shady loan app, reporting it to the right authorities can prevent others from falling victim. In this guide, we will walk you through the steps to identify and report fake loan apps to ensure your and others’ financial safety.
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How to Identify a Fake Loan App
The best way to check if a loan app is genuine or fake is to check its online reviews on the Google Play Store, or on discussion forums like Reddit, Quora, and Desidime. If you come across too many negative reviews or even zero reviews, it’s an instant red flag. Here are some more ways to check the authenticity of a loan app:
- Check RBI Approval: RBI has a list of approved lending apps and NBFCs on its official website. If the app is not mentioned, it is more likely to be fake.
- Search for the app’s website: A genuine loan app has a proper website disclosing important documentation, regulatory approvals, licenses, and other legal papers. Scam lending apps are less likely to have a website.
- See Launch Date of App: You can see the launch date of the loan app in the Google Play Store or Apple App Store. If the app was launched recently but has too many positive reviews, it could be a case of manipulated ratings. We recommend staying away from such loan apps.
How to Report Fake Loan Apps
Now that we have learned to identify scammy and fake loan apps, let’s how you can report them. This will help the government and other concerned authorities to swiftly take action against such frauds and safeguard our fellow citizens.
Report App on Google Play Store Support
Google Play Store has a dedicated web page where you can report apps that violate the policy of the platform. You can also use it to report fake loan apps.
1. Open the Policy Violation Report page of the Google Play Store.
2. Enter your name.
3. Now enter the app package name. You can find this in the URL of the app when you the app’s link from the Play Store. It should look something like com.appname.developername.
4. Select Privacy Violation, Deception, or Misrepresentation. Scroll down and select Deceptive Behaviour.
5. Describe your experience by answering the appropriate questions in the form.
6. Select your country and Submit the complaint.
Google will review your complaint and verify the facts of the case. If your complaint is found to be genuine, the app will be taken down from the Play Store.
Use National Cyber Crime Reporting Portal
The Government of India has set up a dedicated National Cyber Crime Reporting Portal where you can report any digital fraud, scams, or crimes. You can also use it to report suspicious and fake loan apps.
1. Open the official National Cyber Crime Reporting Portal in any web browser. Select Click Here for New User to register yourself.
2. Select your State, and enter your phone number and email ID.
3. Fill your personal details like your name, date of birth, address, etc.
4. Now select Online Financial Fraud and describe the details of the fake loan app. You can mention the current date.
5. Click on Save as Draft & Next.
6. If you have any details of the suspect, such as a person who contacted you for ransom after installing the fake loan app, you can report it here.
7. Complete the form by filling in relevant information and then submit your complaint.
The Cyber Crime Department will investigate your complaint. The authorities also have the power to take down the app from the Play Store by issuing a formal notice to Google.
Use Sanchar Saathi
Sanchar Saathi is the official portal of the Department of Telecommunications, a government regulatory body. Although this website is set up to report fraud calls, you can also use the Chakshu section on the portal to report fake loan apps. This method works best if you have received any harassment calls after using a fake loan app.
1. Open the Chakshu portal on the Sanchar Saathi website.
2. Select the medium as call/SMS as per your complaint.
3. Enter your personal details, the number from which you received the extortion call, and other data.
4. Describe your complaint and also add a link to the fake loan in the text box.
5. Scroll down and verify your phone number with OTP to submit your complaint.
The Sanchar Saathi portal can take direct action against the person who called you. It can also co-ordinate with other departments to investigate the fake loan app.
Report App Directly to RBI
You can also report fake loan apps directly to the Reserve Bank of India. Follow these steps:
1. Open the complaints section of the RBI website and select the Click here option in Don’t know the regulator.
2. Enter your personal details, and write a formal complaint by adding a link to the fake loan app.
3. Attach any screenshot, document, or other evidence and submit your complaint.
The RBI is known to be vigilant with regard to financial fraud. It can issue orders to various government departments to investigate your complaint and take appropriate action over it.
Visit Nearest Police Station
If you are someone who is not comfortable with using online portals to report a fake loan app, you can also visit your nearest police station. The officer in charge can register your complaint on the basis of suspicion of the fake loan app. You will be required to submit appropriate evidence like screenshots to file the complaint.
FAQs
Q. How to spot fake loan apps?
Fake loan apps often have a lot of negative reviews, ask for too many app permissions, and have poorly designed user interfaces. If you feel suspicious at any moment, it’s better to stay away from such apps.
Q. What happens when I report a fake loan app?
If you have reported it to the correct authorities, the fake loan app will get blacklisted in the country. This will protect other people from being victims of such scam apps.
Stay Safe From Fake Loan Apps
With the increasing adoption of online payments and services, it’s important to create awareness among citizens on how to stay away from fake loan apps. The Government of India offers plenty of portals where you can report suspicious apps. If you ever need money, we recommend going to a proper RBI-approved bank or NBFC to take a loan instead of using online loan apps.
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