Solution

A group representing the fintech industry launched an awareness campaign about unauthorised lending apps and cyber fraud in digital financial services. Fintech Suraksha (FTS) will teach people how to spot fake lending apps, the importance of multi-factor authentication, safety practices while using payment services, and how to report online financial fraud, said the Digital Lenders Association of India (DLAI). DLAI will use social media to create awareness among teenagers, senior citizens, and others to differentiate between unscrupulous financial schemes and registered DFS providers. It will engage with law enforcement agencies, such as the Economic Offences Wing, and provide information to investigation officers. It will focus on cybersecurity and client protection-related regulations laid down by the Reserve Bank of India (RBI). FTS will focus on helping the officers understand about RBI and Ministry of Corporate Affairs registered regulated entities and genuine loan service providers (LSPs) and means to ascertain the veracity of such service providers.