Online loan scams have emerged as a serious threat to the public. Fake lending companies promise quick loans with "easy terms," luring users through Facebook, YouTube, and other platforms. Many victims download these apps, unknowingly giving access to personal data, photos and even bank accounts. That is when the real fraud begins and people lose not only money but also their dignity and safety.
These apps often claim to offer instant money but are not approved by the Bangladesh Bank, the Finance Ministry, or the Microcredit Regulatory Authority. They operate under the guise of legality, collecting personal information to later threaten, blackmail and extort victims.
The digital age was meant to ease our lives, yet it has become a nightmare for many. Clever fraudsters exploit social media and online platforms to steal thousands of taka through false promises. Poor and low-income people, seeking small loans to survive or manage emergencies, are the most affected. They hand over personal photos, ID cards, and banking access only to face blackmail and mental torture. Fear and shame often prevent victims from speaking out, allowing these crimes to continue.
A survey by the Cyber Crime Awareness Foundation reveals that nearly 24 per cent of all cybercrimes are linked to social media or online account hacking, much of it associated with fake loan apps. These criminals prey on desperation, ignorance and trust, turning innocent people into easy victims.
The state and ICT Ministry must act firmly. All financial apps must be verified, registered, and legally approved. At the same time, public awareness of digital safety must increase. Digital Bangladesh can only be truly successful when online security becomes a national priority and this dark economy of
deception is eliminated through law, technology
and education.
Fiad Nowshad Yeamin
Student
Canadian University of Bangladesh
nowshadyeamin415@gmail.com
