Loan app fraud occurs when fraudsters or malicious individuals exploit digital lending platforms or mobile applications to deceive consumers and lenders. These apps often appear to be legitimate and offer quick loans with minimal documentation. However, once a borrower applies for a loan through these apps, they may end up facing high hidden charges, exploitative interest rates, and in some cases, the app may simply steal the applicant’s personal and financial information. Loan app fraud is on the rise, with many fraudulent apps targeting vulnerable individuals who may not be aware of the risks involved in online lending.