Fake App Alerts: How to Spot Fraud In Loan, UPI And Credit Score Apps
Fake App Alerts: Some fake apps ask for PAN, Aadhaar and phone numbers to steal identity. To avoid being trapped in scams, make sure that those apps have ties with CIBIL, Experian, or Equifax.
Fake App Alerts: With the emergence of innovative technology, one of the sectors that has witnessed a massive transformation is the financial services industry. From applying for a loan to making payments via UPI, everything is now just a tap away on your smartphone. You no longer have to stand in long queues or deal with piles of paperwork.
Whether you are looking for loans, transferring funds, or buying insurance, all of this can be done through your mobile screen. The digital transition has made life easier and faster, but it also comes with its own set of risks.
Digital fraud is on the rise, and fraudsters are now creating fake apps to lure unsuspecting users. So, while carrying out various online financial transactions, it’s advisable to take into account a few factors to avoid scams.
How To Spot Fraud In Online Loans?
Fraudsters create apps that look attractive by offering unrealistic offers such as instant approval, no paperwork and low interest rates. This is unrealistic. So, whenever you are looking for an app for a loan, make sure it is registered with the RBI or tied to a licensed NBFC.
In addition to this, the fake apps generally don't have websites or company details such as addresses or customer support numbers. In case the app asks for unnecessary permissions such as access to the gallery, contacts, or location, then you need to be aware, as these are red flags.
How to spot UPI fraud apps?
Scammers have become smart and now create fake UPI apps that mimic genuine ones like Google Pay, PhonePe, or Paytm. They often copy the logo and UI designs but make it slightly different in name, like G Pay instead of Google Pay. If you're not paying close attention, it's easy to get tricked.
Always scroll down on the App Store or Play Store to check the developer details. Genuine apps are developed by verified companies. One of the common ways to find out about suspicious apps is by going through their content and reviews. Fake apps often come with poor descriptions of services or high ratings in a short span of time.
How to spot fraudulent credit score apps?
Everyone wants to check their credit score, but not all apps that offer this service are legitimate. Some fake apps ask for the customer's PAN, Aadhaar and phone numbers to steal identity or push fake loan offers.
To avoid being trapped in such scams, make sure that those apps have ties with CIBIL, Experian, or Equifax. Also, if you receive your credit score instantly without any form of verification, it's likely to be fake or inaccurate.
