Internet-based lending apps are becoming famous in India at a rapid rate, there are innumerable apps in the market which provide loans through apps. In light of this many fake apps have also started to gain traction and the users trust them because it is very easy to withdraw money and often the limit given to them exceeds their expectations and needs.
Through this tactic the consumer is given out loans and at later stages they are practically blackmailed into paying the loans in order to counter this Google and FACE(Fintech Association for Consumer Empowerment) have collaborated, and FACE will be a priority flagger on google playstore. FACE will flag and report predatory lending apps on the Google playstore so that immediate actions can be taken against these apps
FACE has been closely watching the Indian digital lending market and has helped to remove hundreds of exploitative personal loan apps. More than 700 questionable apps have been reported by FACE to app retailers, regulators, and government agencies in the past 15 months.
This collaboration will help Google achieve its goals set under its new initiative DigiKavach which is brought into place to make Google Playstore safer for consumers.
Speaking about the collaboration Salkat Mitra, Vice President and head of Trust & Safety, Google APAC, said, "At Google, we are committed to building a secure digital environment for all, and we're doubling down our efforts to protect people against ever-evolving scams, malware, and fraud. FACE has been doing commendable work in mitigating user harm by fraudulent loan apps, and we're pleased to collaborate with them to collectively build up our defenses and protect users. The combination of their market expertise and our rigor across threat intelligence, policies, and enforcement will strengthen our collective efforts to fight predatory loan apps and enable a safe user experience."
Adding to this Sugandh Saxena, CEO at FACE, said, "Reporting of hundreds of illegal lending apps by FACE has prevented lakhs of customers from falling prey. Google has taken commendable steps in this space and established a stringent policy framework to prevent bad actors. These collective efforts have helped mitigate user harm and reduce the number of predatory apps we re seeing today. Our collaboration with Google marks a crucial step in our endeavor to enable a safe environment for consumers to access digital lending. The convergence of FACE's market intelligence with Google's efforts will add another critical layer of defense as these apps evolve in sophistication and speed."
