Bangladesh Bank issued a fresh warning on August 27 over fake loan apps that offer fast, easy credit through apps, online platforms and social media. The central bank said unauthorized lenders may collect users’ personal information and later use it to demand excessive payments, intimidate borrowers or threaten to disclose private data. The Bangladesh Financial Intelligence Unit identified 31 unauthorized loan apps, including Sathi Loan, PopCash, FinCash, Quick Loan, Quick Taka and LoanBuddy.

The warning highlights risks linked to app permissions, including access to photographs, contacts, files, cameras, microphones and location data. Users who accept such permissions without reviewing them may expose phone numbers, messages, identity document images and financial details. Contact lists can also be used to pressure borrowers by informing relatives, friends or colleagues about alleged debts.

Bangladesh Bank advised people not to provide national identity card details, bank account information, mobile financial service data or other sensitive phone data to unfamiliar loan apps. It also urged caution where lenders seek advance payments, processing fees or registration fees. Users should verify a provider’s identity, address, authorization and loan terms, and should not share PINs, passwords or one-time security codes.