BFIU warns against taking loans through apps over fraud, names 30 illegal apps

The Bangladesh Financial Intelligence Unit (BFIU) has cautioned the public against taking loans from unauthorised mobile applications and digital platforms, and named 30 illegal apps involved in extortion, data theft, and financial fraud.

The anti-money laundering authority warned that conducting loan disbursements without the Bangladesh Bank’s approval is illegal, adding that fraudulent loan activities constitute a predicate offence under the Money Laundering Prevention Act, 2012.

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In a press release issued yesterday, the BFIU said an increasing number of illegal entities and individuals have been offering fast loans on easy terms via mobile apps, social media groups, and online channels.

Under the guise of providing quick loans, these unauthorised digital platforms collect users' personal information, mobile contact lists, photographs, and other sensitive data, the BFIU said.

"Subsequently, the operators engage in harassment, extortion, and threaten to expose personal data publicly."

The BFIU urged everyone to refrain from sharing National ID details, bank account credentials, or sensitive mobile data with unknown platforms. It further advised the public to remain vigilant against platforms demanding advance payments, registration fees, or processing charges before granting loans.

The unauthorised mobile applications identified by the BFIU are: Sathi Loan, Pop Cash, FinCash, Quick Loan, Quick Taka, Dhaka Fin, LoanVibe, Dost Loan, Taka Cash Loan, KWANZA Loan, SSH Money, LoanBuddy, CashHora, Alo Cash, Fast Loan, Easy Taka, Dhorjo Loan, Fin Dot Do, Taka Cash Loan, BongoCash, Asha Loan, Subidha Loan, Smart Loan BD, Online Loan BD, City Online Loan, BD Shohoj Loan, Cash Loan, Sonali, Loan Haat, and Taka Nao.

The agency advised victims of unauthorised lending platforms or individuals with information regarding illegal digital loan operations to lodge complaints through the official BFIU website or submit reports directly to the agency's directorate.