Source: Gifty Akoto
The Youngest Cyber Crime fighter and Cybersecurity Analyst, David Gyedu popularly known as DK Cyber has advised Ghanaians about the scams concerning Instant Loan Apps.
According to Mr Gyedu, Online loan apps have revolutionized the way we access loans. They offer a quick and convenient way to access funds without having to go through the traditional loan application process. However, the rise of online loan apps has also brought with it a new breed of scammers who prey on unsuspecting borrowers.
One common scam involves scammers using online loan apps to scam people. They lure borrowers in with promises of easy and fast loans, only to swindle them out of their hard-earned money. These scammers often develop fake online instant loan apps, also has fake profiles and false promises to lure borrowers into their trap.
Once the borrower applies for the loan and submits their personal information, the scammers will ask for an upfront payment for processing fees or other charges. After receiving the payment, the scammers disappear, leaving the borrower with no loan and no way to recover their money.
Again they will give you some small amount of money and ask you to pay back after one week with high interest. The minute you download the app onto your phone they remotely access you phone contact book. After a week, and you are not able to pay they declare you wanted and also call you professional scammer, this message is shared across your contact list.
What’s worse, scammers may continue to harass and threaten borrowers even after they have paid the loan. They may claim that the borrower still owes them money or that they will take legal action if the borrower does not pay up. Some scammers even go as far as calling the borrower’s family members and friends, causing embarrassment and distress.
These issues have raised concerns about the lack of regulation in the instant loan app industry in Ghana. While the Bank of Ghana has issued guidelines for digital financial services, including instant loan apps, there is no specific regulatory framework in place to oversee the industry. This has led to calls for stronger consumer protection measures, including caps on interest rates and better enforcement of lending practices.
He, therefore advised citizens to avoid falling victim to these loan scams and added that it is essential to do research before applying for an online loan.
Always check the credibility and legitimacy of the lender or loan app before submitting any personal information or taking the loan.
Again citizens can check from Bank of Ghana official website for the loan companies being regulated by them.
If you suspect that you have been scammed by an online loan app, report the scam to the authorities immediately. You can also report to the Ghana National Cyber security Authority likewise the Cyber department under police.
Again, while online loan apps can be a convenient way to access funds, it’s crucial to be vigilant and avoid falling prey to scammers.
Remember, if it sounds too good to be true, it probably is. Always do your due diligence and research before applying for any loan, and never give out personal information or make upfront payments to unverified lenders or loan apps.