Over 30 digital lending apps cited for cyber breaches

Over 30 lending mobile apps have been reported for various cyber breaches in the provision of digital loans to customers.

The companies that have been implicated by the Cyber Security Authority include Ahomka Loan and Express Loan, Home Credit and Pea Money.

These companies have not met the compliance obligations of the Data Protection Commission and the Banks and Specialised Deposit-Taking Act.

In addition, the companies are said to be demanding high-interest payments and threatening clients after borrowing, leading to a resurgence in cyberbullying.

The Cybersecurity Authority has identified several mobile lending apps, such as Antcredit, Beanloan, BezoMoney, Boomloan, Casharrow, Cashwave, Cosycredit, and Diva Cash, among others, involved in cyberbullying activities.

The Authority reported 130 cases this year alone. In a statement, the Authority described tactics used by perpetrators, including crediting users’ mobile wallets with small amounts (typically below GHȼ200) without their consent, followed by extortionate practices.

These tactics include demanding high-interest repayments, threatening to distribute compromising photos and persisting with demands even after repayment.

The Cybersecurity Authority strongly advised the public against using these apps and urged reporting any suspicious activities.

-citinewsroom