SECP identifies 8 illegal loan apps, cracks down on loan shark activity

February 14, 2024 (MLN): In order to safeguard the public from illicit loan sharks, the Securities and Exchange Commission of Pakistan (SECP) has further identified eight illegal personal loan Apps (illegal apps), according to a press release issued today.

These apps were being distributed to the public as Android Package Kit (APK) files via various APK websites, emails, and social media.

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

The SECP 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.

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

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 statement reads.

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

Copyright Mettis Link News