Personal data misuse, threats: 31 loan apps blacklisted by BFIU

The Bangladesh Financial Intelligence Unit (BFIU) has warned the public against unauthorised loan activities being conducted through mobile apps, online platforms and social media. The agency also published a list of 31 such apps that lure users with the promise of easy and fast loans, advising people not to take loans from these platforms.

According to the BFIU, these apps collect users' personal information, mobile phone contact lists, photos and other sensitive data. Later, under the guise of loan recovery, borrowers face undue pressure, intimidation, threats of making personal information public, and demands for extra payments, the agency said .

The list of apps published by the BFIU includes: Sathi Loan, PopCash, FinCash, Quick Loan, Quick Taka, Dhaka Fin, LoanVibe, Dosto Loan, Taka Cash Loan, Keonja Loan, SSH Money, LoanBadi, Sathi Loan, CashHora, Alo Cash, Fast Loan, Easy Taka, Dhairya Loan, Fin Dot Do, Taka Cash Loan, BongCash, Asha Loan, Subidha Loan, Smart Loan BD, Online Loan BD, City Online Loan, BD Sozha Loan, Cash Loan, Sonali, LoanHat and Takanaw .

The BFIU stated that lending is a regulated financial activity in Bangladesh. No individual, institution, mobile app, online platform or digital medium is legally authorised to provide loans without approval from Bangladesh Bank and adherence to existing laws, regulations and the regulatory framework, and no such permission has been granted yet . Unauthorised lending activities also carry risks of fraud, financial crimes and money laundering. Under Section 2(Sh)(5) of the Money Laundering Prevention Act 2012, fraudulent loan operations constitute a scheduled offence, with punishment provisions under Section 4 of the same act.

The BFIU advised people not to share their National ID, bank account details, mobile contact lists, photos or other sensitive information on such unauthorised platforms. It also warned against paying any advance money, registration fees, processing fees or other charges in the name of obtaining a loan. Anyone who falls victim to such unauthorised lending platforms or has information about apps, online platforms, social media groups, individuals or institutions involved in such activities can inform the BFIU. The agency has provided avenues for filing complaints on its website or through written communication addressed to the Director, BFIU.