Trust and safety head at Google sheds light on struggles with Bad loan apps in Asia-Pacific
Delhi : Saikat Mitra, Google's Vice President and Head of Trust and Safety for Asia-Pacific, recently discussed the difficulties in tackling the problem of phony lending apps on the Google Play Store in an interview. Mitra clarified that although the apps did not include malware or dangerous content, they did display questionable business practices in the real world, which was the reason for the delay in addressing these issues. Google thoroughly examines apps that developers submit to be included on the Play Store, taking into account things like content safety and code integrity.
In an interview with Indianexpress.com, Mr. Mitra stressed how much the company is willing to invest in making sure that apps are secure against viruses and data theft.
Partnership Between Google and Regulatory Authorities
In the last two years, Google has worked with regulatory bodies to create stronger norms, taking additional safety measures with loan apps. Loan applications that are allowed on the Play Store under the new government requirements have to show their lending license, which means they have to be associated with a bank or nonbank financial institution (NBFC) that has an RBI license.
Mr. Mitra highlighted the important shifts in Google's strategy, saying that loan apps on the Play Store now have restricted access to contacts, photos, and user data. In 2022, Google reviewed and took enforcement action on more than 3500 personal loan apps.
Mr. Mitra addressed concerns about user safety and advised users to only download apps from the Play Store in order to steer clear of malware, scams, and low-quality experiences. He underlined the risks and restricted control of sideloading apps in his warning against doing so.
As digital lending became more popular in India, hundreds of fraudulent loan apps made their way into app stores, preying on unsuspecting consumers looking for short-term loans. These apps, which were mostly directed at students and small business owners in tier-2 and tier-3 cities, have resulted in reports of financial fraud, harassment, abuse, and even deaths.
Mr. Mitra defended the practice of advertising lending apps on Google domains, such as Search, saying that it is acceptable if the apps follow Play Store policies. He went on to say that despite the difficulties, Google is still dedicated to improving user safety and creating a secure online environment.
