CH2:Mobile Phone Vulnerability (Password Manager) & Loan App based Frauds.

Financial circumstances of consumers have depreciated as a result of the current Covid -19 crisis. It is estimated that Covid 19 will result in over 10 crore people losing their jobs and small business owners facing a cash crunch. According to a report by Credit Suisse in 2019, adults in India have an average debt of $1,345 (Rs 95,000). So, millions of Indians are downloading instant loan apps to make ends meet. Taking advantage of this, cybercriminals are using new ways to swindle mobile phone and computer users. Compared to last year, financial frauds have increased manifold. It's been estimated that 500,000 people have been scammed with scammers having made more than Rs 35 crore from these apps since the end of Nov 2020.

There are no exact figures for the number of Indians borrowing via digital means. However, data from AppsFlyer, an SaaS mobile marketing analytics and attribution platform, showed that India had the highest number of installs for lending apps in the Asia-Pacific region in 2020 so far. The venture capital tracking platform, Traxcn, reportedly estimates that currently in India there are 484 different lending apps - including genuine apps that are listed on Play Store and App Store. More than a hundred apps are offering payday loans, and many of them show more than a million installs.

As these numbers continue to grow, awareness about such loan frauds can help one to prevent falling for them.

Видео CH2:Mobile Phone Vulnerability (Password Manager) & Loan App based Frauds. канала Cyber Suraksha