Rise of Fake Loan App Scams
Introduction
The increase in consumer demands has resulted in a sharp increase in digital financing in India. As a result, the reputation of the digital lending sector has been impacted, as bad actors increasingly deploy illicit lending platforms such as fraudulent loans and trading apps. As millions of Indians download fast loan applications to help them meet their financial ends, the fraudulent apps result in cyber crimes including financial fraud. Consumers need to be vigilant of dubious trading or loan applications as bad actors frequently use illegitimate apps to trick victims by advertising limited-period offers and applying pressure.
Recently the Indian Cyber Crime Coordination Centre (I4C) led handel CyberDost has issued a cybercrime alert against the ‘CashExpand-U’ finance assistant app, which has been now removed from the Google Play Store. The app was found to be associated with hostile foreign entities, and the app had made it easier to raise small loans. However, such loan apps are seldom credible and may compromise financial information.
Raising cases of Fraudulent Loan Apps
The finance minister had stated that the government is constantly engaged with the Reserve Bank of India and other regulators and stakeholders to control fraudulent loan apps. In FY23, there were 1,062 complaints against such apps, the Finance Minister shared during a Lok Sabha session. Google removed almost 134 fake apps from the Play Store in a single week in September 2023 after multiple complaints were registered against such apps. The Reserve Bank of India (RBI) had also issued regulatory guidelines on digital lending in April 2023 to bring transparency in the digital loan space.
CyberPeace Policy Wing Advisory for Users
- Be cautious of App Permissions
Fake lending apps collect data by fraudulently taking numerous app permissions from consumers and misusing them later. The users must effectively manage their app permissions to avoid denying any extra permissions such as access to contacts, location, and photos. This is because fraudulent digital lenders access users' personal data to extort additional money even after loan repayment.
- Practice Due Diligence
Consumers must exercise care & caution before applying for a loan from digital lending platforms. Before applying for a loan or downloading any such apps, consumers must conduct due diligence by verifying the app's name, rating, reviews, physical address, and contact information. Always double-verify the paperwork before signing any agreement or contract. Always apply for loans from RBI-approved and compliant banking and financial services providers.
- Download from Official Sources
To avoid downloading counterfeit apps, only download lending apps from official stores like Google Play Store or Apple App Store, and avoid downloading apps from web links sent via SMS, email, or social media, even if shared by your known persons.
- Be sceptical of too-good-to-be-true offerings
Be cautious of deals that seem too good to be true, like hassle-free easy loans as they can be fraudulent. If an offer seems too good to be true, it might be a red flag. Hence always conduct your own research to verify the lender and avoid making hasty decisions.
- Reporting Mechanism
In case of facing a scam by such fraudulent apps, victims can file a complaint with the ‘National Cyber Crime Reporting Portal’ or Cyber Crime Helpline ‘1930’, or they can also contact us at CyberPeace Helpline +919570000066 and helpline@cyberpeace.net to get assistance in reporting their cases.
Final Words
Illegitimate loan/trading apps have been raising concerns by defrauding innocent consumers who seek financial assistance. The Center has recently warned against the CashExpand-U app, which has been now removed from the Google Play Store. Users are advised to exercise due care and caution while downloading loan apps and applying for loans to prevent any potential scams. keep up to date with news from concerned authorities about common scams and fraudulent practices in the lending space and stay safe in the online world.
References:
- https://www.livemint.com/news/beware-govt-issues-cybercrime-alert-against-loan-app-cashexpand-u-finance-assistant-11720338996430.html
- https://timesofindia.indiatimes.com/technology/tech-news/government-has-issued-an-important-warning-for-this-loan-app/articleshow/111541577.cms
Related Blogs
Introduction
“GPS Spoofing” though formerly was confined to conflict zones as a consequence, has lately become a growing hazard for pilots and aircraft operators across the world, and several countries have been facing such issues. This definition stems from the US Radio Technical Commission for Aeronautics, which delivers specialized advice for government regulatory authorities. Global Positioning System (GPS) is considered an emergent part of aviation infrastructure as it supersedes traditional radio beams used to direct planes towards the landing. “GPS spoofing” occurs when a double-dealing radio signal overrides a legitimate GPS satellite alert where the receiver gets false location information. In the present times, this is the first time civilian passenger flights have faced such a significant danger, though GPS signal interference of this character has existed for over a decade. According to the Agency France-Presse (AFP), false GPS signals mislead onboard plane procedures and problematise the job of airline pilots that are surging around conflict areas. GPS spoofing may also be the outcome of military electronic warfare systems that have been deployed in zones combating regional tension. GPS spoofing can further lead to significant upheavals in commercial aviation, which include arrivals and departures of passengers apart from safety.
Spoofing might likewise involve one country’s military sending false GPS signals to an enemy plane or drone to impede its capability to operate, which has a collateral impact on airliners operating at a near distance. Collateral impairment in commercial aircraft can occur as confrontations escalate and militaries send faulty GPS signals to attempt to thwart drones and other aircraft. It could, therefore, lead to a global crisis, leading to the loss of civilian aircraft in an area already at a high-risk zone close to an operational battle area. Furthermore, GPS jamming is different from GPS Spoofing. While jamming is when the GPS signals are jammed or obstructed, spoofing is very distinct and way more threatening.
Global Reporting
An International Civil Aviation Organization (ICAO) assessment released in 2019 indicated that there were 65 spoofing incidents across the Middle East in the preceding two years, according to the C4ADS report. At the beginning of 2018, Euro control received more than 800 reports of Global Navigation Satellite System (GNSS) interference in Europe. Also, GPS spoofing in Eastern Europe and the Middle East has resulted in up to 80nm divergence from the flight route and aircraft impacted have had to depend on radar vectors from Air Traffic Control (ATC). According to Forbes, flight data intelligence website OPSGROUP, constituted of 8,000 members including pilots and controllers, has been reporting spoofing incidents since September 2023. Similarly, over 20 airlines and corporate jets flying over Iran diverted from their planned path after they were directed off the pathway by misleading GPS signals transmitted from the ground, subjugating the navigation systems of the aircraft.
In this context, vicious hackers, however at large, have lately realized how to override the critical Inertial Reference Systems (IRS) of an airplane, which is the essential element of technology and is known by the manufacturers as the “brains” of an aircraft. However, the current IRS is not prepared to counter this kind of attack. IRS uses accelerometers, gyroscopes and electronics to deliver accurate attitude, speed, and navigation data so that a plane can decide how it is moving through the airspace. GPS spoofing occurrences make the IRS ineffective, and in numerous cases, all navigation power is lost.
Red Flag from Agencies
The European Union Aviation Safety Agency (EASA) and the International Air Transport Association (IATA) correspondingly hosted a workshop on incidents where people have spoofed and obstructed satellite navigation systems and inferred that these direct a considerable challenge to security. IATA and EASA have further taken measures to communicate information about GPS tampering so that crew and pilots can make sure to determine when it is transpiring. The EASA had further pre-cautioned about an upsurge in reports of GPS spoofing and jamming happenings in the Baltic Sea area, around the Black Sea, and regions near Russia and Finland in 2022 and 2023. According to industry officials, empowering the latest technologies for civil aircraft can take several years, and while GPS spoofing incidents have been increasing, there is no time to dawdle. Experts have noted critical navigation failures on airplanes, as there have been several recent reports of alarming cyber attacks that have changed planes' in-flight GPS. As per experts, GPS spoofing could affect commercial airlines and cause further disarray. Due to this, there are possibilities that pilots can divert from the flight route, further flying into a no-fly zone or any unauthorized zone, putting them at risk.
According to OpsGroup, a global group of pilots and technicians first brought awareness and warning to the following issue when the Federal Aviation Administration (FAA) issued a forewarning on the security of flight risk to civil aviation operations over the spate of attacks. In addition, as per the civil aviation regulator Directorate General of Civil Aviation (DGCA), a forewarning circular on spoofing threats to planes' GPS signals when flying over parts of the Middle East was issued. DGCA advisory further notes the aviation industry is scuffling with uncertainties considering the contemporary dangers and information of GNSS jamming and spoofing.
Conclusion
As the aviation industry continues to grapple with GPS spoofing problems, it is entirely unprepared to combat this, although the industry should consider discovering attainable technologies to prevent them. As International conflicts become convoluted, technological solutions are unrestricted and can be pricey, intricate and not always efficacious depending on what sort of spoofing is used.
As GPS interference attacks become more complex, specialized resolutions should be invariably contemporized. Improving education and training (to increase awareness among pilots, air traffic controllers and other aviation experts), receiver technology (Creating and enforcing more state-of-the-art GPS receiver technology), ameliorating monitoring and reporting (Installing robust monitoring systems), cooperation (collaboration among stakeholders like government bodies, aviation organisations etc.), data/information sharing, regulatory measures (regulations and guidelines by regulatory and government bodies) can help in averting GPS spoofing.
References
- https://economictimes.indiatimes.com/industry/transportation/airlines-/-aviation/false-gps-signal-surge-makes-life-hard-for-pilots/articleshow/108363076.cms?from=mdr
- https://nypost.com/2023/11/20/lifestyle/hackers-are-taking-over-planes-gps-experts-are-lost-on-how-to-fix-it/
- https://www.timesnownews.com/india/planes-losing-gps-signal-over-middle-east-dgca-flags-spoofing-threat-article-105475388
- https://www.firstpost.com/world/gps-spoofing-deceptive-gps-lead-over-20-planes-astray-in-iran-13190902.html
- https://www.forbes.com/sites/erictegler/2024/01/31/gps-spoofing-is-now-affecting-airplanes-in-parts-of-europe/?sh=48fbe725c550
- https://www.insurancejournal.com/news/international/2024/01/30/758635.htm
- https://airwaysmag.com/gps-spoofing-commercial-aviation/
- https://www.wsj.com/articles/aviation-industry-to-tackle-gps-security-concerns-c11a917f
- https://www.deccanherald.com/world/explained-what-is-gps-spoofing-that-has-misguided-around-20-planes-near-iran-iraq-border-and-how-dangerous-is-this-2708342
Introduction
In the boundless world of the internet—a digital frontier rife with both the promise of connectivity and the peril of deception—a new spectre stealthily traverses the electronic pathways, casting a shadow of fear and uncertainty. This insidious entity, cloaked in the mantle of supposed authority, preys upon the unsuspecting populace navigating the virtual expanse. And in the heart of India's vibrant tapestry of diverse cultures and ceaseless activity, Mumbai stands out—a sprawling metropolis of dreams and dynamism, yet also the stage for a chilling saga, a cyber charade of foul play and fraud.
The city's relentless buzz and hum were punctuated by a harrowing tale that unwound within the unassuming confines of a Kharghar residence, where a 46-year-old individual's brush with this digital demon would unfold. His typical day veered into the remarkable as his laptop screen lit up with an ominous pop-up, infusing his routine with shock and dread. This deceiving popup, masquerading as an official communication from the National Crime Records Bureau (NCRB), demanded an exorbitant fine of Rs 33,850 for ostensibly browsing adult content—an offence he had not committed.
The Cyber Deception
This tale of deceit and psychological warfare is not unique, nor is it the first of its kind. It finds echoes in the tragic narrative that unfurled in September 2023, far south in the verdant land of Kerala, where a young life was tragically cut short. A 17-year-old boy from Kozhikode, caught in the snare of similar fraudulent claims of NCRB admonishment, was driven to the extreme despair of taking his own life after being coerced to dispense Rs 30,000 for visiting an unauthorised website, as the pop-up falsely alleged.
Sewn with a seam of dread and finesse, the pop-up which appeared in another recent case from Navi Mumbai, highlights the virtual tapestry of psychological manipulation, woven with threatening threads designed to entrap and frighten. In this recent incident a 46-year-old Kharghar resident was left in shock when he got a pop-up on a laptop screen warning him to pay Rs 33,850 fine for surfing a porn website. This message appeared from fake website of NCRB created to dupe people. Pronouncing that the user has engaged in browsing the Internet for some activities, it delivers an ultimatum: Pay the fine within six hours, or face the critical implications of a criminal case. The panacea it offers is simple—settle the demanded amount and the shackles on the browser shall be lifted.
It was amidst this web of lies that the man from Kharghar found himself entangled. The story, as retold by his brother, an IT professional, reveals the close brush with disaster that was narrowly averted. His brother's panicked call, and the rush of relief upon realising the scam, underscores the ruthless efficiency of these cyber predators. They leverage sophisticated deceptive tactics, even specifying convenient online payment methods to ensnare their prey into swift compliance.
A glimmer of reason pierced through the narrative as Maharashtra State cyber cell special inspector general Yashasvi Yadav illuminated the fraudulent nature of such claims. With authoritative clarity, he revealed that no legitimate government agency would solicit fines in such an underhanded fashion. Rather, official procedures involve FIRs or court trials—a structured route distant from the scaremongering of these online hoaxes.
Expert Take
Concurring with this perspective, cyber experts facsimiles. By tapping into primal fears and conjuring up grave consequences, the fraudsters follow a time-worn strategy, cloaking their ill intentions in the guise of governmental or legal authority—a phantasm of legitimacy that prompts hasty financial decisions.
To pierce the veil of this deception, D. Sivanandhan, the former Mumbai police commissioner, categorically denounced the absurdity of the hoax. With a voice tinged by experience and authority, he made it abundantly clear that the NCRB's role did not encompass the imposition of fines without due process of law—a cornerstone of justice grossly misrepresented by the scam's premise.
New Lesson
This scam, a devilish masquerade given weight by deceit, might surge with the pretence of novelty, but its underpinnings are far from new. The manufactured pop-ups that propagate across corners of the internet issue fabricated pronouncements, feigned lockdowns of browsers, and the spectre of being implicated in taboo behaviours. The elaborate ruse doesn't halt at mere declarations; it painstakingly fabricates a semblance of procedural legitimacy by preemptively setting penalties and detailing methods for immediate financial redress.
Yet another dimension of the scam further bolsters the illusion—the ominous ticking clock set for payment, endowing the fraud with an urgency that can disorient and push victims towards rash action. With a spurious 'Payment Details' section, complete with options to pay through widely accepted credit networks like Visa or MasterCard, the sham dangles the false promise of restored access, should the victim acquiesce to their demands.
Conclusion
In an era where the demarcation between illusion and reality is nebulous, the impetus for individual vigilance and scepticism is ever-critical. The collective consciousness, the shared responsibility we hold as inhabitants of the digital domain, becomes paramount to withstand the temptation of fear-inducing claims and to dispel the shadows cast by digital deception. It is only through informed caution, critical scrutiny, and a steadfast refusal to capitulate to intimidation that we may successfully unmask these virtual masquerades and safeguard the integrity of our digital existence.
References:
- https://www.onmanorama.com/news/kerala/2023/09/29/kozhikode-boy-dies-by-suicide-after-online-fraud-threatens-him-for-visiting-unauthorised-website.html
- https://timesofindia.indiatimes.com/pay-rs-33-8k-fine-for-surfing-porn-warns-fake-ncrb-pop-up-on-screen/articleshow/106610006.cms
- https://www.indiatoday.in/technology/news/story/people-who-watch-porn-receiving-a-warning-pop-up-do-not-pay-it-is-a-scam-1903829-2022-01-24
Executive Summary:
A viral image circulating on social media claims it to be a natural optical illusion from Epirus, Greece. However, upon fact-checking, it was found that the image is an AI-generated artwork created by Iranian artist Hamidreza Edalatnia using the Stable Diffusion AI tool. CyberPeace Research Team found it through reverse image search and analysis with an AI content detection tool named HIVE Detection, which indicated a 100% likelihood of AI generation. The claim of the image being a natural phenomenon from Epirus, Greece, is false, as no evidence of such optical illusions in the region was found.
Claims:
The viral image circulating on social media depicts a natural optical illusion from Epirus, Greece. Users share on X (formerly known as Twitter), YouTube Video, and Facebook. It’s spreading very fast across Social Media.
Similar Posts:
Fact Check:
Upon receiving the Posts, the CyberPeace Research Team first checked for any Synthetic Media detection, and the Hive AI Detection tool found it to be 100% AI generated, which is proof that the Image is AI Generated. Then, we checked for the source of the image and did a reverse image search for it. We landed on similar Posts from where an Instagram account is linked, and the account of similar visuals was made by the creator named hamidreza.edalatnia. The account we landed posted a photo of similar types of visuals.
We searched for the viral image in his account, and it was confirmed that the viral image was created by this person.
The Photo was posted on 10th December, 2023 and he mentioned using AI Stable Diffusion the image was generated . Hence, the Claim made in the Viral image of the optical illusion from Epirus, Greece is Misleading.
Conclusion:
The image claiming to show a natural optical illusion in Epirus, Greece, is not genuine, and it's False. It is an artificial artwork created by Hamidreza Edalatnia, an artist from Iran, using the artificial intelligence tool Stable Diffusion. Hence the claim is false.
