Kochi: Cyber security expert Rahul Sasi has said that money from Chinese companies is coming to India through online loans. Rahul Sasi, a native of Mavelikkara, Alappuzha, is a member of the initial committee appointed by the Central Government to work out the criteria for online loan agencies and apps.
He said in an exclusive interview with Manorama that he would provide technical assistance to a special committee appointed by the Reserve Bank to verify the authenticity of online loan apps and lending agencies.
Excerpts from the interview:
What about the RBI’s move to regulate online lending agencies?
In the digital world, the nature of credit has also changed. Now the loan is available in one or two clicks. Just look at the capacity and willingness to repay. There are thousands of online agencies in India that provide loan applicants information to banks and lending agencies.
The business of such agencies alone comes to close to Rs 1,000 crore every year. The RBI is committed to promoting decent banking. But excessive interest and fraud must be prevented. The RBI does not have any specific rules or regulations regarding online loans and the agencies that provide them. The purpose is to solve this problem.
How to ensure the authenticity and credibility of online lending agencies?
Has been studying in this field for 5 years. There is clear information about such agencies and app developers. This information can be used by the committee. This information will help the RBI to crack down on fraudsters.
There are allegations that such apps and agencies have links to China?
The reason why so much trouble is now is that Chinese companies have invested and tried to make a profit.
∙ It has been years since I started online lending. But recently, scams and complaints have increased. What is the reason?
Demand for this specialty has grown significantly as a result of recent corporate scandals. Realizing this, the swindlers came to the scene en masse.
How will the public recognize fraudulent loan apps?
Care should be taken when searching for online loan on the internet. Most reputable banks now offer online loans. Do not accept the terms of unfamiliar agencies. Most fraudulent agencies ask for permission to collect personal information on their mobile or computer in the terms of the loan.
We will give a ‘yes’ to all this in a hurry to get a loan. Data collection may also be targeted by this. It is wise to take online loans only from reputable and reputable banks.
How to evaluate online scams?
In this way, fraudsters plan ahead with the thoughts and attitudes of the people. We search the internet for customer care numbers of many agencies. We will call without fail to check if the number received is genuine.
Such numbers may have been posted on the Internet by fraudsters in the name of customer care numbers of well-known brands. If they get our phone number, they will ask for other details and cheat us.
Some things to look out for when dealing with scams?
Carefully search for customer care numbers and e-mail addresses. Contact only after confirming that it belongs to the real agency. Do not share personal information or credit-debit-bank account information.
International Credit – Card number and CVV are sufficient for fraudulent debit cards. These have no OTP. Precautions should be taken to ensure that the numbers are not lost during the transfer and use of international cards.
Many of the games that kids install are made in Chinese and Pak. Gaming apps should not be allowed to read SMS received on the phone.
A native of Mavelikkara, Alappuzha. Founder of Cloudesk, a Bengaluru-based startup. Clouddesk has been selected by the Data Security Council as one of the Best Cyber Security Startups of 2020 and by Nasscom (National Association of Software and Service Companies) as one of the 50 Emerging Startups in India.
BTech got a job in a startup without completing computer science. He continued his studies in cyber security. He has lectured on cyber security in 22 countries. Wife A.R. Aveda.
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