Cyberbullying by Unapproved Loan Apps: A Growing Problem
June 29, 2024
The Cyber Security Authority (CSA) has issued a warning regarding the rise of cyberbullying incidents associated with unapproved loan apps. These apps, which operate without authorization from the Bank of Ghana and the Data Protection Commission, have victimized users through various tactics.
When users install these loan apps, a small amount (usually less than GHS 200) is automatically credited to their mobile money wallets, even without an actual loan request. After disbursing the loan, fraudsters employ extortion tactics, demanding loan repayment with exorbitant interest rates, threatening to circulate actual or fabricated nude photos of victims on social media and labeling victims as thieves or wanted criminals. Persistent Demands even after victims repay the loan, some fraudsters continue to demand additional payments.
The CSA has identified several loan apps responsible for these cyberbullying incidents. Some of them include:
- Ahomka Loan
- Antcredit
- Beanloan
- Bestloan
- BezoMoney
- Boomloan
- Casharrow
- Cashwave
- Cmgh Loan
- Cosycredit
- Credit Bag
- Divacash
- Express Loan
- Five Loan
- FullCredit
- Homecredit
- Unik Credit …and many others
These loan apps contravene the Banks and Specialised Deposit-Taking Institutions Act, 2016 (Act 930) according to a notice from the Bank of Ghana. Additionally, their owners have not met the compliance obligations of the Data Protection Commission (DPC), violating the Data Protection Act, 2012 (Act 843).
The CSA urges the public to:
- Avoid using these unauthorized loan apps.
- Report any cybersecurity or cybercrime incidents to the Authority via text, call, or email.
Let’s stay vigilant and protect ourselves from cyberbullying in the digital lending landscape
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