How to understand fraud attempts in the name of loan, UPI, credit score check

Fake Apps: The digital world has given us many facilities, but along with it, it has also opened new avenues for fraudsters. Especially fake apps related to loans, UPI and credit score are becoming a means of stealing the identity and money of common people. Vigilance is the most effective way to protect ourselves from them.

Financial Frauds Through Fake Apps: There was a time when one had to go to banks to get a loan. Standing in line for hours and submitting dozens of documents was a common process. But today, with the help of technology, all this is happening in just a few taps on your mobile screen. Whether you want a loan, buy insurance or make payment through UPI, everything is happening in minutes.

But as the facilities have increased, the methods of fraud have also advanced. Now thugs are trapping people by making fake apps. These apps try their best to look real, but their purpose is to steal your identity and your hard-earned money. Let us know how you can identify these fake apps and keep yourself safe.

Beware of the lure of easy loans!

If an app is promising instant loans without any documentation, you should be cautious. You should think whether this is really possible? Fake loan apps usually make attractive promises like ‘instant approval’, ‘no paperwork’, and ‘very low interest rates’.

How to avoid fraud?

To avoid these, it is important that you check whether the app is registered with RBI or is associated with a licensed NBFC. If the app does not have the company’s address, website or customer support details, then it is not trustworthy. Also, if the app is asking you for unnecessary permissions like gallery, contacts or location, then understand that there is something wrong.

How to identify fake UPI apps

Fraudsters are now creating fake UPI apps that look exactly like Google Pay, PhonePe or Paytm. The only difference is that there is a slight change in the name – like ‘G Pay’. If you do not pay attention, you can easily get trapped.

How to avoid fake apps?

An easy way to avoid them is to go to the bottom of the App Store or Play Store and check the developer details. Real apps are made by trusted companies. Apart from this, also read the reviews and descriptions of the app. Fake apps usually have very little information or suddenly get very high ratings.

Are you telling me your credit score or asking for your personal details?

Nowadays everyone wants to know what their credit score is. Taking advantage of this need, some fake apps ask for personal details like PAN, Aadhaar and phone number from the users. After this, they either send fake loan offers or misuse your identity.

If you want to know your credit score, then know this first

The surest way to avoid this is to trust only those apps which are associated with certified agencies like CIBIL, Experian or Equifax. Also, if an app is showing the score immediately without any verification, then understand that the data may be false.

Lack of caution leads to accidents

In this era of digital facilities, it has become more important than ever to be cautious. Every time you download a new financial app, do some research. Pay attention to the app’s reviews, developer’s name, website and permissions demanded. Keep in mind, a small negligence can put your personal information and bank account at risk. Therefore, take steps carefully while choosing financial apps, so that technology becomes a boon for you, not a curse.

The post How to understand fraud attempts in the name of loan, UPI, credit score check first appeared on informalnewz.

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