Lending App “Fast Cash” Faces Fines For Violating Privacy Of Users
FAST CASH – A Micro-cash-loan application faced data privacy violation charges along with two other online loan applications.
Users of the application complained that the apps sent messages and took control of their phone’s cameras on their own. According to National Privacy Commissioner Raymund Enriquez Liboro, These applications have also allegedly used public shaming tactics to blackmail users.
Liboro shared to journalists a copy of the filed investigation report by NPC investigators on the online lending firms. These included Fast Cash Global Lending, Inc., Unipeso Lending Company, Inc., and Fynamics Lending Inc.
Criminal prosecution of the board members was recommended for violating the Data Privacy Act. The NPC discovered that their operations could be liable for jail time of up to 7 years and fines up to P5 million.
“The investigation determined that their business practice specifically targets the privacy of persons”, Liboro stated. In the article posted on NPC’s website, Liboro added that blackmail was also involved.
He then said that those unethical practices do not have a place in a civilized society and must be stopped. There have been 166 complaints filed against Fast Cash Global Lending, Inc. as of July 31.
Complaints against Unipeso Lending Company Inc. and Fynamics Lending Inc. have reached 138 and 133 respectively. Unipeso operates “Cashlending online” and Fynamics operates “PondoPeso”.
“Report found that the penalties inflicted on borrowers by these online lenders are abusive”, Liboro stated. The Privacy Commissioner then added that the actions of these companies have caused depression and anxiety to their users.
Liboro then said that some of the users of their apps have lost jobs and felt unemployable. The stated that because of their actions, the reputations and future of some users was put in jeopardy.
Liboro then gave a warning to the public to refrain from downloading mobile lending applications. He added that before downloading, users should read the terms and conditions carefully.
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i am applying a cash loan….