Crackdown on loan apps: When Google Play slashed count from 4000 listings to just 200
In a recent interview, Saikat Mitra, Vice President and Head of Trust and Safety for Asia-Pacific at Google, shed light on the challenges faced in addressing the issue of fraudulent loan apps on the Google Play Store. Mitra explained that the delay in addressing these concerns stemmed from the fact that the apps, while not containing malware or harmful content, exhibited problematic business practices in the real world. When developers submit apps for listing on the Play Store, Google scrutinises them extensively, considering factors like code integrity and content safety.
Mitra in an interview with Indianexpress.com emphasised that the company’s commitment to investing significantly in ensuring app security against malware and data theft.
Google’s Collaboration With Regulatory Authorities
Google has taken extra precautions with loan apps, collaborating with regulatory authorities over the past two years to establish stricter guidelines. Under new government regulations, loan apps must display their lending licence to be approved on the Play Store, necessitating affiliation with a bank or NBFC licensed by the RBI.
Mitra highlighted the significant changes in Google’s approach, stating that loan apps on the Play Store are now limited in their access to user data, contacts, and images. Currently, there are 200 vetted and verified loan apps partnered with an NBFC, a notable reduction from the previous 4000 listings.
Addressing user safety concerns, Mitra urged users to download apps exclusively from the Play Store to avoid poor-quality experiences, scams, and malware. He cautioned against sideloading apps, emphasising its limited control and potential risks.
Google is actively engaged in collaborations with governments, such as a pilot project with the Singapore government to block sideloading apps with pervasive permissions. The Indonesian government has also sought partnership to address the challenges posed by sideloading apps.
As digital lending practices surged in India, hundreds of fake loan apps infiltrated app stores, preying on vulnerable users seeking short-term financial aid. These apps, primarily targeting students and small shopkeepers in tier-2 and 3 cities, led to instances of abuse, financial fraud, harassment, and even suicides.
Mitra defended the advertisement of loan apps on Google properties like Search, asserting that it’s permissible as long as the apps adhere to Play Store guidelines. Despite the challenges, Google remains committed to enhancing user safety and fostering a secure digital environment, he added.
In a recent interview, Saikat Mitra, Vice President and Head of Trust and Safety for Asia-Pacific at Google, shed light on the challenges faced in addressing the issue of fraudulent loan apps on the Google Play Store. Mitra explained that the delay in addressing these concerns stemmed from the fact that the apps, while not containing malware or harmful content, exhibited problematic business practices in the real world. When developers submit apps for listing on the Play Store, Google scrutinises them extensively, considering factors like code integrity and content safety.
Mitra in an interview with Indianexpress.com emphasised that the company’s commitment to investing significantly in ensuring app security against malware and data theft.
Google’s Collaboration With Regulatory Authorities
Google has taken extra precautions with loan apps, collaborating with regulatory authorities over the past two years to establish stricter guidelines. Under new government regulations, loan apps must display their lending licence to be approved on the Play Store, necessitating affiliation with a bank or NBFC licensed by the RBI.
Mitra highlighted the significant changes in Google’s approach, stating that loan apps on the Play Store are now limited in their access to user data, contacts, and images. Currently, there are 200 vetted and verified loan apps partnered with an NBFC, a notable reduction from the previous 4000 listings.
Addressing user safety concerns, Mitra urged users to download apps exclusively from the Play Store to avoid poor-quality experiences, scams, and malware. He cautioned against sideloading apps, emphasising its limited control and potential risks.
Google is actively engaged in collaborations with governments, such as a pilot project with the Singapore government to block sideloading apps with pervasive permissions. The Indonesian government has also sought partnership to address the challenges posed by sideloading apps.
As digital lending practices surged in India, hundreds of fake loan apps infiltrated app stores, preying on vulnerable users seeking short-term financial aid. These apps, primarily targeting students and small shopkeepers in tier-2 and 3 cities, led to instances of abuse, financial fraud, harassment, and even suicides.
Mitra defended the advertisement of loan apps on Google properties like Search, asserting that it’s permissible as long as the apps adhere to Play Store guidelines. Despite the challenges, Google remains committed to enhancing user safety and fostering a secure digital environment, he added.
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