SECP Continues Crack Down Against Illegal Personal Loan Apps

Fahad Shabbir (@FahadShabbir) Published February 14, 2024 | 05:56 PM

The Securities and Exchange Commission of Pakistan (SECP) is constantly monitoring social media and websites for illegal personal loan Apps (illegal apps) in order to safeguard the public from illicit loan sharks

ISLAMABAD, (UrduPoint / Pakistan Point News - 14th Feb, 2024) The Securities and Exchange Commission of Pakistan (SECP) is constantly monitoring social media and websites for illegal personal loan Apps (illegal apps) in order to safeguard the public from illicit loan sharks.

Eight further illicit apps had been identified by SECP and these apps were being distributed to the public as Android Package Kit (APK) files via various APK websites, emails, and social media, said a press release issued here.

The SECP has already initiated actions against the illegal apps in coordination with the Federal Investigation Agency (FIA) and Pakistan Telecommunication Authority (PTA).

The commission has so far blocked 132 illegal apps in active collaboration with Google, Apple, FIA and PTA.

The coordinated efforts made by SECP, Google, FIA and PTA have forced operators of illegal apps to divert their activities to APK websites, social media, etc.

The illegal apps pose significant risks to user’s safety including misuse of personal information/sensitive financial data, fraud, blackmailing/harassment etc.

The SECP advised general public not to download illegal apps from any website or links shared through any other source like email or social media.

An updated list of Illegal Apps, as identified by SECP and reported to respective app stores, PTA and FIA, is placed on the SECP website for the information of the public.

The General Public is advised to only download SECP approved personal loan apps that are only available on the official app stores of Google and Apple.

The list of SECP approved personal loan apps is also available on its Website for the convenience of the general public.

The list of illegal apps can be found at https://www.secp.gov.pk/document/list-of-illegal-digital-apps/?wpdmdl=49188&refresh=65cc67f103e171707894769.