The Cyber Security Authority (CSA) has released a notice regarding increased cases of bullying through illegal loan mobile applications, where 130 cases were recorded in the year 2024.
The CSA also listed 37 such digital lending providers in the June 27, 2024, statement and advised its users to be alert.
“The apps are in contravention of the Banks and Specialized Deposit-Taking Institutions Act, 2016, since they are not sanctioned by the Bank of Ghana and the Data Protection Commission. Individuals who patronize these services do so at their own risk,” the statement said.
As found out from the CSA, the loan providers would deposit credits into the account of users who only downloaded the app without even applying for a loan.
“One week after disbursing the loan, the fraudsters use extortion tactics including demanding loan repayment with high interest, threatening to circulate actual or fabricated nude photos of the victim on social media, and threatening to label the victim as a thief or wanted criminal.“
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Despite this, the threats persist and the loan providers are not ceasing to demand for more payments, according to CSA.
LoanMe, Ahomka Loan, Bestloan, BexoMoney, Cashwave, UnikCredit, and 32 other similar companies have also been reported to engage in this kind of practice.
Last year, the Bank of Ghana (BoG) in a similar statement asked the public not to transact with the unlicensed loan apps. However, since the said arrests were made, no further arrests have been made.
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