Google suspended 2,500 fraudulent mortgage apps on Play Store: FM Sitharaman

The authorities on Monday knowledgeable the Parliament that from April 2021 to July 2022, Google scrutinised round 3500 to 4000 mortgage lending apps and suspended or eliminated over 2500 fraudulent mortgage apps from its Play Store.

When requested concerning the authorities’s measures to sort out the rising dangers linked to fraudulent mortgage apps, together with exorbitant rates of interest and psychological harassment, finance minister Nirmala Sitharaman, in a written response to the Lok Sabha, mentioned that the federal government maintains ongoing collaboration with the Reserve Bank of India (RBI) and different related regulators and stakeholders to curb fraudulent mortgage apps.

Also learn: Caught in lethal mortgage entice: How doubtful lending apps prompted 60 deaths

She mentioned that the problem is persistently addressed and overseen in the course of the conferences of the Financial Stability and Development Council, an inter-regulatory discussion board chaired by the finance minister.

FM Sitharaman mentioned that Google has revised its coverage for implementing mortgage lending apps on the Play Store. According to the revised coverage, solely apps revealed by regulated entities or these collaborating with regulated entities are permitted on the Play Store.

She additional mentioned that the Indian Cyber Crime Coordination Centre (14C) beneath house affairs analyses digital lending apps regularly. “Based on its analysis and complaints reported on the National Cyber Crime Reporting Portal, 4C team analyses apps on various parameters, and reports such apps to ministry of electronics and information technology which are found suspicious, for blocking,” the reply learn.

Also learn: How to guard your self from falling into immediate mortgage apps entice? 6 Tips

The RBI has taken measures to reinforce cybersecurity and monetary literacy, together with the implementation of the electronic-banking consciousness programme (e-BAAT) specializing in fraud consciousness, growing monetary schooling framework in faculties, endeavor monetary literacy week, she mentioned.

Additionally, efforts contain spreading cyber-crime consciousness by way of varied channels, together with SMS, radio campaigns, and social media, in addition to publishing handbooks for various audiences, the reply added.

MHA actively contributes to those initiatives by organising cyber security and safety consciousness weeks in collaboration with states and union territories, FM added.