Google Play Store pulls down several fake loan apps in India

As per news reports, Google Play Store has removed hundreds of loan applications after review. The applications were found to be violating Google’s app policies.

Google Play Store in India has come to terms with the growing harmful financial services products and decided to pull them down on Thursday. According to news reports, Google has reviewed hundreds of personal loan applications in India and has found them maliciously violating the app policies. For the ones who are identified to be a part of the list, the company has asked the developers to manifest that they comply with the applicable local laws and regulations provided by the RBI. There has been a sudden spike in personal loan applications in India amid the global crisis, which has put millions of user data at risk.

“We have reviewed hundreds of personal loan apps in India, based on flags submitted by users and government agencies. Apps that fail to do so will be removed without further notice. In addition, we will continue to assist the law enforcement agencies in their investigation of this issue,” said Suzanne Frey, Vice President, Product, Android Security and Privacy.

Adding to further information, Google said to curb strictness, we only allow the personal loan apps with full repayment required in greater than or equal to 60 days from the date of issue. With rising cases of financial frauds, the company said that with the transparency of information like features, fees, risks and benefits, people opting for loans can take decisive decisions regarding their financial requirements. This will reduce the risk of being exposed to fraudulent financial products and services.

“To protect user privacy, developers must only request permissions that are necessary to implement current features or services. They should not use permissions that give access to the user or device data for undisclosed, unimplemented, or disallowed features or purposes”.

Developers must also only use data for purposes that the user has consented to, and if they later want to use the data for other purposes, they must obtain user permission for the additional uses, Google said.