Concerted steps needed to curb fake digital apps: FACE CEO Sugandh Saxena

All apps, including legal ones with sophisticated cyber security protocols, are prone to fraud and cyber threats, said Saxena

Fake apps have emerged as a significant threat in the digital lending ecosystem, with the potential to shake public confidence in the channel, at a time when digital payments have taken off in a big way in the effort to foster financial inclusion. SUGANDH SAXENA, chief executive officer of the Fintech Association for Consumer Empowerment (FACE) — an industry association that recently applied to the Reserve Bank of India to become a self-regulatory organisation — spoke with Raghu Mohan on the concerns over fake apps. Edited excerpts:

How do you look at the phenomenon of fake digital apps?

Digital lending