The Cyber Security Authority (CSA) has issued a strong public warning against the use of over 40 mobile loan applications (apps) that have been identified as major culprits in a disturbing wave of cyberbullying and extortion schemes targeting Ghanaians.
These unapproved loan apps deploy various modus operandi to exploit unsuspecting users.
The Authority explains that these apps typically lure users by disbursing unsolicited loans directly into their mobile wallets and then deploy manipulative tactics to demand repayment with outrageous interest rates.
Victims have reported threats involving the circulation of nude photos, defamation on social media, and false accusations of criminal behavior.
Investigations by the CSA have uncovered that these apps have not been sanctioned by either the Bank of Ghana or the Data Protection Commission.
“ According to Bank of Ghana (BoG) Notice BG/GOV/SEC/2022/10 and BG/GOV/SEC/2023/07, the apps violate the provisions of the Banks and Specialised Deposit-Taking Institutions Act, 2016 (Act 930),” the alert issued by the authority indicated.
In addition, it added that “the owners of the Apps have not met the compliance obligations of the Data Protection Commission (DPC) and hence their access and use of the data and PII of users violate the Data Protection Act, 2012 (Act 843).”
In the public alert released, the CSA listed the culprit apps, including the following;
Miniloan, Mix loan, Devtage loan, Ozzy money-cash, Plus Cash Arrow, Fundscredit, Getloan, Kcash, Bestloan, Gcash,
Daraloan, Loan base, Tap loan, Gh loans, Sune credit, urgent money, Sparkloan, Skyloan, Loancloudgh, Pea Money, Cash arrow,
HastyCredit, Lever credit, Molo credit, Sunloan pro, Nina loan, Upper loan, Wohia loan, Morloan pro, MumuMoney,
Credit bag, Lever credit, Get loan, Ozzy credit, Molocredit, Soarcredit, E-money, Taploan, Dream Fund, Swftcredit,
RocketLoan Turbo, DEVTAGE Financial, Vinedo Wealth, Credit well, Newgry, Easy Buy, Sika Sika, WePay.
According to the CSA, most of these apps gain access to sensitive data, including contacts, photos, and national ID details, upon installation, further fuelling the psychological harassment tactics used to trap victims.
The CSA is urging the public to steer clear of these predatory apps. Anyone who engages with these apps, the authority says, does so at their own risk.
This is a caution that not every loan is a lifeline; some are traps, and Ghanaians must stay vigilant and stay safe.
