The Bangladesh Financial Intelligence Unit (BFIU) has identified several fake mobile applications that lure people with promises of quick loans on easy terms to commit fraud and steal personal information.
Complaints have been received regarding various forms of harassment and extortion through these apps. The BFIU warned the public about this matter in a press release recently.
The agency stated that a racket has recently been promoting advertisements for easy and fast loans across various digital mediums, including mobile apps, online platforms, and social media groups.
Attracted by these advertisements, many people are applying. During the application process, national identity card details, bank account information, mobile contacts, photos, and other personal data are collected.
Afterward, excessive pressure is exerted on customers under the guise of loan repayment.
There are even allegations of intimidation, threats to leak personal information, and extortion of money far exceeding the agreed amount.
The BFIU says these activities create risks of personal data misuse on one hand, while giving rise to unauthorized financial transactions and illegal extortion on the other.
Customers are being harassed in the name of loan recovery, which is alarming for financial security and personal privacy.
The list of 31 apps identified so far includes: Sathi Loan, PopCash, FinCash, Quick Loan, Quick Taka, Dhaka Fin, LoanVibe, Dost Loan, Taka Cash Loan, Keonja Loan, SSH Money, LoanBuddy, Sathi Loan, CashHora, Alo Cash, Fast Loan, Easy Taka, Dhairya Loan, Fin.do, BongoCash, Asha Loan, Suvidha Loan, Smart Loan BD, Online Loan BD, City Online Loan, BD Shohoj Loan, Cash Loan, Sonali, LoanHat, and TakaNow.
The BFIU clarified that conducting loan operations without following the existing rules and regulations of Bangladesh Bank is not legal.
Such digital platforms have not been granted approval to disburse loans. Embezzling money through fraudulent loan operations is a punishable offense under money laundering laws.
Advice against sharing personal information
To avoid falling into fake loan traps, the BFIU advised the public not to share national identity card details, bank account information, contact lists, photos, or any other sensitive data on unfamiliar apps or online platforms.
In addition, people have been alerted not to pay any advance money, registration fees, processing fees, or funds under any other pretense if requested by unauthorized apps prior to disbursing loans.
If anyone is defrauded after taking a loan from these unauthorized platforms, or has information about apps, online platforms, social media groups, individuals, or institutions involved in such activities, the agency urges them to report it on the BFIU website.
