Loan Scam Alert: Karnataka Engineer Loses ₹4.37 Lakhs to Fraud App! Avoid These Mistakes

• An automobile engineer in Udupi, Karnataka, lost ₹4.37 lakhs to a fraudulent loan application, highlighting a growing scam trend.
• Always thoroughly read loan terms and conditions, including hidden fees, interest rates, and repayment cycles, before agreeing.
• Verify the legitimacy of loan apps; ensure they are RBI-registered or linked to banks/NBFCs. Avoid apps offering instant loans without verification.
• Report any suspected fraud immediately to increase recovery chances and prevent data misuse. Don't panic under scammer threats.
• Be wary of app permissions; fraudulent apps often request unnecessary access (contacts, camera) to harass borrowers.

Why It Matters: Exercise extreme caution with loan apps; verify legitimacy, read terms, and protect your data to avoid scams.