In a significant move towards enhancing online security, Google has recently removed 2500 fraudulent loan apps from its platform Play Store. The announcement was made by none other than Nirmala Sitharaman, the Finance Minister of India. This decisive action underscores Google’s commitment to ensuring a secure digital environment for its users, especially in the realm of financial services. Nowadays we are all using the online platform to pay bills, recharge, and book tickets. Hence safety is mandatory for all the apps, especially in Online transactions. Hence to consider it all Nirmala Sitharaman said in Loksabha that the government of India engaged with the Reserve Bank of India and other regulators to find those fraudulent apps.
Fraudulent loan apps have become a pressing issue in the digital world, preying on unsuspecting users seeking quick financial solutions. These apps often employ deceptive practices, exploiting user’s personal information and financial vulnerabilities. The widespread nature of this problem prompted Google to take proactive measures to protect its user base. This matter is also regularly monitored by FSDC (Financial Stability and Development Council), which is a forum to be active and cyber security continuously and to take appropriate actions against those vulnerabilities in the Financial System.
The RBI has prepared a “hate list” combined with the Government of India and the list is shared by the Ministry of Electronics and Information Technology (MEITY) with Google, which is the primary cause of the fraud happening in the lending apps. She emphasized the importance of collaborative efforts between tech giants and government authorities to curb the removal of such malicious applications. She added from April 2021 to July 2022, google reviewed more than 4,000 apps and suspended the fraudulent loan apps from the Play Store.
The Indian Cybercrime Coordination Center (I4C), and the Ministry of Home Affairs (MHA) combinely working on the investigation of those lending apps. After the analysis, the National Cybercrime Reporting Portal team sent the report to MEITY. The Reserve Bank has scheduled to conduct electronic banking awareness and training (e-BAAT), which mostly focuses on awareness of fraud and risk mitigation, while a nationwide intensive awareness program (NIAP) has been undertaken to tell people about fraud happening everywhere.
Google’s recent action against 2500 fraudulent loan apps is showing its commitment to user security. The Finance Minister’s endorsement underscores the significance of collaboration between government authorities and tech giants in tackling online threats.
