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  • Tech - News
  • Updated: October 04, 2022

Cybersecurity: NITDA Cautions Against Unreliable Instant Loan Application

Cybersecurity: NITDA Cautions Against Unreliable Instant Loa

The National Information Technology Development Agency (NITDA) has expressed concerns about the necessity for the general public to exercise caution while using instant lending platforms and apps that have not been verified, claiming that some of them are fake.

The warning was made on Tuesday in a statement released in Abuja by Hadiza Umar, Head of Corporate Affairs and External Relations at NITDA.

Because October is recognised internationally as Cyber Security Awareness Month, Umar said consumers must be aware of the dishonest practices of some Instant Loan Apps.

She observed that people in need of money may be tempted by the promise of hassle-free microfinance software that guarantees loans in minutes and does not require any paperwork or verification of signatures.

“Users must exercise caution, weigh the risks and hazards involved with such offers, particularly when they pose a serious risk to their lives.

“Users need to be warned that many Instant Loan Apps use harsh, unethical methods to recover money.’’

She further said that when an individual downloads such apps, in most cases, they need to give permission to the app to access their contact numbers, pictures, as well as location, among other requirements.

According to her, in cases where a borrower delays or defaults in payments, the money lenders employ high-pressure tactics.

”They deploy measures like constant harassment and threats, sending notices, warnings to the borrower’s contacts and even threatening severe legal actions."

She said that for people to stay secure against such platforms, they need to avoid downloading unregistered loan-based applications.

“If you must download, carry out a background check on the loan company running the app, and read and understand their terms and conditions before you accept.

“Be cautious, as your contact details, photographs and location can be copied by these money lenders.

“Ensure that these money lenders are Nigerian Data Protection Regulation (NDPR) compliant,’’ Umar urged.

She recommended the general public to contact the agency's Computer Emergency Readiness and Response Team (CERRT) section via phone.

The government and corporate sector worked together to create Cybersecurity Awareness Month in October to increase public awareness of digital security.

The month is also utilised to educate the populace on how to safeguard their personal information from online criminal activity.

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