What is the Money Cash Loan app?
Money Cash is an app that is listed on the google play store. They say they are NBFC registered institution. They provide loans to individual people after completing KYC. They charge a 3% interest rate per month and loan tenure will be 90 to 120 days. They are providing loans in INDIA, NEPAL, and BANGLADESH.
Customer care email: email@example.com
Adress- 4 pamadi Mainsion, Avenue Road, Bangalore-560002
How do they Scam through Whatsapp?
First, they send a WhatsApp message to innocent people and say “Your loan is overdue. Today is the last grace period. We drive a white vehicle to visit your home and work to avoid losing your job or affecting your neighbors. We will find you directly within 1 day, and you will be forced to collect arrears and labor fees. All consequences are at your own risk. You can apply for a loan again after payment.
App name:-MONEY CASH
Link:-Download link https://bit.ly/2YZKg8h”
After seeing this message innocent people download the app through the link. Then the app can have all sensitive data like the Phone book, Gallery, and SMS. Then the app says to verify KYC and fill up personal, professional data and bank details. Then the app shows an approved amount of 10k to 200k. To transfer that amount you have to pay a certain amount of token money.
If you ignore this then that’s fine but once you paid a small amount then they call several times and WhatsApp u more money to pay. Then they send these types of messages to your contact list people.
If you got this type of message, Then what to do?
- First, don’t worry If you find this type of message on your WhatsApp. Block and report that number on Whatsapp. its a spam.
If you downloaded the app and applied for the loan?
If you did not receive the loan amount and the recovery agent was forced to pay the loan EMI then 3 things to do
- Tweet & File a complain against the app with attached screen shot in Cyber police station .
- Tweet & Write a email to Enforcement Directorate.
- Aware people about this incident.