Dr. Muhammad Mahtab Hossain Mazed

In today's world, the popularity and reliability of online transactions has increased with the advancement of technology. On one hand it is making our daily life easier, on the other hand dishonest people are using this technology to cheat. One of these areas is fraud in the name of "online loans". This problem has become evident in many countries of the world including Bangladesh. In 2024 and 2025, it is necessary to take awareness and action at individual, social and government level to deal with this problem.

> Nature and mechanism of online loan fraud

The main tricks of online loan fraud are:

Alluring advertisements: Unscrupulous individuals or organizations advertise on various social media and websites promising to provide "instant loans" or "secure online loans".

Promises with easy terms: These ads promise low interest, no-collateral loans.

Collection of personal information: National identity card, bank account number, mobile number and other sensitive information are asked from the user while applying for the loan.

Advance Money Claim: Advance money is demanded in the name of loan processing fee or processing charge. After taking the money they no longer respond.

Phishing and data theft: In many cases, users' financial information is stolen by creating fake websites or apps.

> Its impact on Bangladesh

The rate of online loan fraud has increased significantly in Bangladesh in the last few years. As a result of this fraud:

Personal Financial Loss: The defrauded person loses their savings.

Emotional stress: Victims of fraud suffer from financial loss as well as psychological distress.

Loss of confidence in digital security: As a result of such incidents, common people are losing confidence in online transactions.

Increase in crime proneness: Money collected through these frauds can be used for terrorism or other illegal activities.

> Personal precautions to prevent

1. Take the services of a reliable institution: Before taking an online loan, the legal approval and credibility of the concerned institution should be verified.
2. Personal Information Protection: Avoid sharing personal information through unknown websites or apps.
3. Caution on advance payment: An organization asking for advance payment can be a sign of fraud.
4. Avoid temptation: Don't be tempted by loan offers with overly easy terms.
5. Enhance Digital Skills: Acquiring digital knowledge is necessary to recognize fraudulent links, messages or websites.

> Increasing social awareness

1. Role of Media: It is important to make people aware of such scams through television, radio, and social media platforms.
2. Organizing Seminars and Workshops: Seminars and workshops on digital security can be organized at various levels.
3. Training programs: Training on digital security is needed, especially in rural areas.
4. Inclusion in Educational Institutions: Educational institutions should teach students about cyber security.

> Governmental and legal action

In 2024 and 2025, government initiatives could play an important role in preventing online loan fraud. Some suggestions in this regard:

1. Application of Cyber Laws:

Ensuring effective implementation of Digital Security Act.

Prompt detection of fraudsters and disciplinary action against them.

2. Formation of Special Task Force:

A special task force can be constituted to prevent online fraud.

It will constantly monitor online platforms.

3. Registration of Lending Institutions:

Mandatory registration of all online loan providers with the government.

Keeping the list of registered institutions open to the public.

4. Public Grievance Platform:

Creation of a central helpline or online platform for online fraud complaints.

Have a quick response system.

5. International Cooperation:

Online fraud is often committed through international networks. Therefore, it is necessary to work in coordination with cyber security organizations of other countries.

> Technical solutions

1. Phishing detection technology:

Using advanced phishing detection software.

Identify fake websites and ads with Artificial Intelligence (AI) technology.

2. Strengthening Banking Security:

Mandatory two-factor authentication for online transactions.

Use regular system updates and security patches.

3. Educational Application:

Creating easy-to-understand cyber security apps for the general public.
Finally, in 2024 and 2025, concerted efforts at individual, societal and government levels are needed to curb online loan fraud. The only way to reap the benefits of technology is to ensure its security. Every citizen should be aware and take proper action. The government and law enforcement agencies must take a tough stand. If cyber security awareness is raised at every level of the society, it will be possible to prevent crimes like online loan fraud.In this way we can build a safe digital society by ensuring optimal use of technology.

The writer is a, columnist and researcher Founder and Chairman,jatia rogi kallyan Society