Fraudsters exploit online platforms like Facebook and Instagram, distributing questionable loan apps. These companies profit from marketing the apps, removing them only when users report.
The Centre is contemplating legal measures to stop fraudulent loan app ads on social media platforms, including Facebook and Instagram. The move aims to curb their distribution on the internet. A top government official disclosed this on Tuesday.
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Amendments to IT Rules Proposed to Ban Ads for Fake Loan Apps on Social Media Platforms
Minister Rajeev Chandrasekhar stated plans to amend IT Rules, barring platforms from hosting fake loan app ads. This change may jeopardize legal immunity. Implementation may be delayed until after the upcoming General Elections.
Fraudsters exploit online platforms such as Facebook and Instagram to circulate questionable loan apps, profiting from marketing fees, and removing them only when flagged by users.
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Exposing Dubious Loan Apps on Instagram and Facebook in Two-Part Investigation
In a dual-part probe on November 20-21, it highlighted the presence of questionable loan apps on Instagram and Facebook. Despite platform filters, flagged apps persist.
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