News Snapshot:
New Delhi: In China, there has been an explosion of shady Fintech apps, some of which have come under heavy scrutiny for indulging in unlawful business practices, and establishing an underground banking system. A report by India Today points out that these clandestine apps first entice the user by offering instant loans without any lengthy paperwork or collateral. The scam begins fairly innocuously, with the app requesting personal details of the loan applicant, in order to deposit the money sanctioned as loan. But then the application surreptitiously gains access to the applicant's contact database and gallery of the phone they...
