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Government directs digital platforms not to carry ads of fraudulent loan apps

Economic Times

Economic Times · 1y ago

Government directs digital platforms not to carry ads of fraudulent loan apps

The Indian government has instructed social media and online platforms to refrain from hosting advertisements of fraudulent loan apps. Union Minister Rajeev Chandrasekhar stated that such apps mislead and exploit users and therefore, should not be promoted through ads. The Ministry of Electronics and Information Technology has issued an advisory highlighting this directive, emphasizing on the evolving jurisprudence and government approach towards a safe and trusted internet. The IT rules have explicitly listed 11 categories of prohibited content.

Related News

Google removes over 2,200 fake loan apps from play store: MoS Finance

Inc42 · 1y ago

Google removes over 2,200 fake loan apps from play store: MoS Finance

Google has removed more than 2,200 fraudulent loan apps from its Play Store between September 2022 and August 2023, as part of the government's efforts to combat fake loan apps and protect consumers from financial scams. The government has been working with regulators to control illegal loan apps, and Google has updated its policies to only allow regulated entities or those working with them to publish loan apps on the Play Store. The Reserve Bank of India has also issued regulatory guidelines for digital lending to enhance customer protection and make the digital lending ecosystem safer.

Centre may freeze funds, cancel registration of Chinese loan apps for fraud

Inc42 · 1y ago

Centre may freeze funds, cancel registration of Chinese loan apps for fraud

The Ministry of Corporate Affairs in India is considering cancelling the registration and freezing accounts of Chinese loan app operators if they are found to have committed fraud. The ministry's investigation wing conducted searches and raids on several Chinese loan app companies accused of fraudulent practices. The teams will soon submit their preliminary reports, which will determine further action. The government is taking steps to address the rising issue of illegal digital lending apps, including releasing guidelines and banning certain apps with alleged Chinese affiliations.

Google has removed 2,500 fraudulent loan apps from its Play Store, says FM Nirmala Sitharaman

Economic Times

Economic Times · 1y ago

Google has removed 2,500 fraudulent loan apps from its Play Store, says FM Nirmala Sitharaman

Google has removed over 2,500 fraudulent loan apps from its Play Store between April 2021 and July 2022, according to Finance Minister Nirmala Sitharaman. The government is collaborating with regulators to control such apps and maintain cyber security. The Reserve Bank of India (RBI) has shared a whitelist of legal apps that meet the revised policy requirements for enforcement on the Play Store. The Indian Cyber Crime Coordination Centre is actively analyzing digital lending apps to identify suspicious ones, while efforts are being made to raise awareness and mitigate risks.

Indian Govt To Introduce Stricter Ad Rules For Online Betting

Startup News FYI

Startup News FYI · 1y ago

Indian Govt To Introduce Stricter Ad Rules For Online Betting

The Indian government plans to implement stricter regulations on online betting advertisements by introducing a Code of Advertisements under the Information Technology Rules. These guidelines will be part of the Digital Media Ethics Code Rules, primarily targeting publishers of news, current affairs, and curated online content. The government has been emphasizing compliance with the advertising code through advisories sent to betting platforms and has previously banned Chinese betting apps. The move aims to address the increasing prevalence of online betting ads and their potential risks.

Delhi HC directs shutdown of scam impersonating INDmoney and founder

Entrackr

Entrackr · 18d ago

Delhi HC directs shutdown of scam impersonating INDmoney and founder

The Delhi High Court has ordered a sweeping crackdown on an online scam that allegedly impersonated wealth-tech platform INDmoney and its founder, Ashish Kashyap, to defraud investors. In a July 28 order, Justice Manmeet Pritam Singh Arora directed domain registrars, app stores, messaging platforms, banks, and cybercrime units to work together to shut down the operation. The case, filed by INDmoney Tech and its affiliate INDstocks, alleges that since November 2024, a person identified as “Ashok Kumar” used fake identities to lure victims through WhatsApp and Telegram groups, rogue websites, and mobile apps. The accused allegedly promised high returns from block trading, IPO tips, and stock market bets, using forged SEBI certificates and fake documents to appear credible. The fraudulent network involved eight websites, four fake apps, dozens of messaging accounts, and multiple bank accounts. According to INDmoney, the accused also copied its trademarks, logos, and website content to mislead users. Finding a clear case of trademark infringement, passing off, and copyright violation, and noting the actions were causing “irreparable injury”, the court restrained the defendant, its associates, and agents from using the brands or running the infringing platforms. It directed Gname.com, Dominet, and Dynadot to block the domains and share ownership details; Google and Apple to remove the fake apps; WhatsApp and Telegram to block the listed numbers and groups; and over a dozen banks to freeze linked accounts and provide KYC details. The National Cyber Cell and Gurugram Cyber Police were also told to file investigation reports. The next hearing is on September 2 before the Joint Registrar, and on December 17 in court. Following the order, Kashyap posted on LinkedIn, calling it a “strong digital-first stand against online financial fraud” and a key step towards protecting people from sophisticated scams. He urged people to “stay alert, stay informed, stay safe.”

Sports apparel, sponsorships, celeb deals: How online betting is thriving

Livemint

Livemint · 12m ago

Sports apparel, sponsorships, celeb deals: How online betting is thriving

Digital ads and celebrity endorsements from global online betting platforms like Parimatch and FairPlay India have reappeared in the Indian public space, despite the overall prohibition of the betting industry. Cricketers, actors, and other celebrities are being associated with these platforms, leveraging their immense popularity on social media to reach millions of potential users. The betting apps have managed to maintain a media presence despite government scrutiny, with the industry estimated to be worth between $50-100 billion annually in India. Lack of clear regulations and loopholes have allowed these platforms to continue operating and attract customers.

RBI Looking To Set Up An Agency To Curb Illegal Lending Apps

Inc42 · 1y ago

RBI Looking To Set Up An Agency To Curb Illegal Lending Apps

The Reserve Bank of India (RBI) is considering establishing a public register of whitelisted lending apps to crack down on illegal lending platforms in the country. In response to multiple deaths by suicide linked to predatory practices by digital lenders, the RBI plans to create the Digital India Trust Agency (DIGITA) to issue 'verified' signatures for authorized entities. Lending apps without this verification would be deemed unauthorized and face strict action. The RBI has taken steps in the past to regulate online lending platforms, such as directing Google to implement stricter norms and removing fraudulent lending apps from its Play Store. Despite efforts to curb these platforms, the Indian lendingtech market is projected to become a $1.3 trillion opportunity by 2030.

Finance Minister Holds Top-Level Meet To Cull Illicit Spread Of Digital Lending Apps

Inc42 · 1y ago

Finance Minister Holds Top-Level Meet To Cull Illicit Spread Of Digital Lending Apps

During the 28th Financial Stability and Development Council (FSDC) meeting, chaired by Finance Minister Nirmala Sitharaman, the government discussed the issue of unauthorised lending through online apps and measures to curb its spread. The meeting included key decision-makers such as RBI Governor Shaktikanta Das and SEBI's chairperson Madhabi Puri Buch. The finance minister emphasized the need to increase vigilance in containing the spread of unauthorised online lending apps, highlighting concerns about the unregulated spread of digital lending in the country. This comes after the government directed Google to implement stricter norms in checking the spread of fraudulent lending apps. Despite efforts, illegal lending apps still pose a security risk in India's growing digital lending ecosystem.

We have asked Google, Apple not to onboard illegal, unsafe apps: Rajeev Chandrasekhar

IndianStartupNews

IndianStartupNews · 1y ago

We have asked Google, Apple not to onboard illegal, unsafe apps: Rajeev Chandrasekhar

The Indian government has issued an advisory to technology giants Apple and Google, urging them not to onboard unsafe and illegal lending applications on their app stores. The move comes in response to rising reports of harassment by lending apps towards their customers for loan repayments. The government aims to make the internet safer by working with the Reserve Bank of India (RBI) to whitelist permitted loan applications and ensure transparency in the app stores. Google has already taken action by removing over 3,500 personal loan apps that violated policy guidelines.

Govt Working With Google Pay, Paytm To Block Real-Time Payments Fraud: Report Govt Working With Google Pay, Paytm To Block Real-Time Payments Fraud: Report

Inc42 · 2m ago

Govt Working With Google Pay, Paytm To Block Real-Time Payments Fraud: Report Govt Working With Google Pay, Paytm To Block Real-Time Payments Fraud: Report

The Indian government is collaborating with third-party UPI apps such as Google Pay, PhonePe, and Paytm to enhance safety measures for real-time transaction fraud detection. This initiative aims to curb fraudulent transactions, particularly targeting scams affecting users with lower digital literacy. The measures may involve introducing minor delays and issuing fraud alerts to protect users from fraudulent peer-to-peer (P2P) and person-to-business (P2B) transactions.

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