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Today Date : Friday, July 19, 2024

Let's be cautious about online  loan apps?

Let's be cautious about online loan apps?

Internet scams do not occur due to technology but due to foul play. It is a common misconception that cybercrimes mean taking money from someone without their knowledge. But 95 percent of cybercrimes do not happen without people's involvement. In fact, educated people and those holding high positions also get cheated.

Online loan app scams are on the rise. It is not easy to get loans from banks. It is illegal to issue loans by anyone except authorized banks and financial organizations. Moreover, the procedures for availing of loans from banks are many.  Hence online loan apps operate by promising easy disbursal of loans. 

These are not legally approved. It is very difficult to regulate and control them. If one app is blocked a new app would be created. Once an online loan app is downloaded the contact phone numbers, photos, and the authorization to use them are taken by the app. The loan is given immediately after this process. This is followed by intimidation to pay high interest and are threatened that their photos will be morphed and published online. 

Google Play Store does not verify the reputation of these loan app operators. The Government alone can create regulatory mechanisms.

Cybercrimes do not happen within a defined territory. Cybercrimes that happen in Tamilnadu may orginate from other states. Hence it has become necessary to create a system of coordinated action by the police of all the states. The Reserve Bank and the Police Department are warning the public from time to time about cybercrimes. 

The public should not ignore them and must be extremely cautious. When a cybercrime occurs only if the complaint is lodged immediately, the police can take quick action and restore the money. 

Complaints about cybercrimes can be made to the Central Government's email address The public can also call on the toll-free number 1930. Do not get cheated, be cautious.