Mashable: Google has enacted regulations in the countries of India, Indonesia, the Philippines, Nigeria, Kenya, and Pakistan to curb the activities of loan sharks.

In an effort to protect users from abuse and harassment, Google has announced that starting May 31st, it will implement a new rule for personal loan apps. The restriction prevents money lending apps from accessing users' internal or external media storage, including contact lists and media like images and videos.

India, Pakistan, Kenya, and the Philippines are just some of the markets where complaints of harassment have prompted this action. Apps that lend money quickly and easily in exchange for access to the user's phonebook and media library can be a lifesaver in times of unexpected financial need. Yet, the high interest rates charged by these applications make it challenging for borrowers to repay their loans on time.

It was common practise for loan representatives to use profanity in text messages sent to the borrower's entire contact list, including random acquaintances and coworkers. Some even went so far as to threaten them and their loved ones with physical harm. Some victims of such severe abuse have taken their own lives as a result.

Google has enacted regulations in the countries of India, Indonesia, the Philippines, Nigeria, Kenya, and Pakistan to curb the activities of loan sharks. In order to comply with these regulations, they must provide proof of authorization from the relevant government bodies. Apps offering payday loans with interest rates of 36 percent or more were removed from the Google Play store in the United States in 2019. In Pakistan, as of May 31st, NBFIs would be limited to releasing a single loan app on the Google Play Store.

Nevertheless, loan applications remain a widespread problem in the industry despite these more stringent screening requirements. Google's new regulation to prevent abuse and harassment appears to be a positive development.

Companies must have policies in place to safeguard their customers against this type of threat, particularly in monetary transactions. The new Google policy serves as a timely reminder that tech businesses must be diligent in enforcing policies designed to keep their consumers safe. This new regulation is a move in the right direction towards making the tech industry safer and more accountable, while much more needs to be done.