After receiving complaints from consumers, Apple withdrew six or so predatory loan apps from the Indian App Store. The use of unethical strategies by these applications, including impersonating financial institutions, levying exorbitant fees, and scaring borrowers with repayment, was discovered.
Some users have recently noticed that some quick-loan applications, like White Kash, Pocket Kash, and Golden Kash, have started to show up on the Top Finance applications chart.
These applications demand invasive and unneeded access to users’ contact and media lists. Numerous user evaluations indicate that these apps charged obscenely high needless fees. They participated in unethical behavior, such as levying high interest rates and “processing fees” that are equal to half the loan amount.
Additionally, users were harassed and blackmailed with restitution. If a payment was not paid by the due date, the lending applications threatened to notify the users’ contacts. According to one user, the software developer even threatened to make fictitious nude images of the user and send them to their contacts.
According to Apple, some loan apps were removed from the App Store because they violated the regulations outlined in the Apple Developer Program License Agreement and Guidelines. Apple discovered that the applications made deceptive claims about their affiliation with financial institutions.
In 2022, the App Store stopped almost $2 billion in fraudulent purchases, rejected nearly 1.7 million apps submissions that didn’t live up to Apple’s standards for quality and safety, and canceled 428,000 developer accounts as a result of suspected fraud.
According to Apple, “The App Store and our App Review Guidelines are designed to ensure that we are giving our users the safest experience possible.” We have strict restrictions against apps and developers that try to game the system and will not allow fraudulent behaviour on the App Store.
Google also banned over 3,500 personal loan apps from the Play Store in India in April of this year due to policy violations.
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