Chinese fraudsters are using new tricks to exploit people in India and other developing countries. In India, they’re using the digital payment system, especially UPI, to scam Indians and make them send their stolen money to China.
But how exactly are these Chinese scammers exploiting people? By posing as instant loan apps, real-money gaming apps, and fraudulent investment apps.
Trapping People Using Loan Offers
A report by CloudSEK found that scammers are tricking many people with fake promises of big loans and simple repayments through illegal loan apps.
To get the loan, these apps only need a bit of your information and around 5-10% of the loan amount as a fee. Since they claim to offer instant loans of several lakhs, the fee can be quite a lot.
Games Also Used To Lure People
Sometimes, these scammers pretend to be a gaming app that gives a small gift to attract people and then convinces them to put real money into the game.
After they take the processing fee, they disappear. To avoid getting caught by the police, these scammers use Chinese payment methods.
In a few instances, the money was sent to an Indian bank account and then moved through several other accounts before it was sent to China after being cleaned.
Rs. 37 Lakhs Laundered In Two Months
In their research, CloudSEK discovered around 55 dangerous Android apps that have been spread through different ways. Moreover, some scammers make people install apps that are not on the official Google PlayStore. CloudSEK found about 15 Chinese gateways these apps used.
Additionally, their investigation showed that from July 22, 2023, to September 18, 2023, a total of Rs. 37 lakhs was stolen and sent to China from just one of these apps.
A big problem noticed is that scammers are using Chinese payment systems to move money out of India. These systems are easy to use and not closely monitored by the government. Scammers are using tricky methods to hide where the money is going, which makes it hard to stop them.
To stop these scammers, it’s really important for the authorities to work together and use advanced methods to fight against this problem.
Image Credits: Google Images
Feature image designed by Saudamini Seth
Find the blogger: Palak Dogra
This post is tagged under: Chinese apps, chinese apps loan scam, chinese loan scams, fake loan scams, fake loan cases, india’s upi system, upi system, paytm, google pay, online scams, CloudSEK, Chinese fraudsters, china, Android apps, Chinese scammers, illegal loan, loan apps, gaming apps, upi scam
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