Securities and Exchange Commission of Pakistan (SECP) remains vigilant in its efforts to protect the public from illicit loan sharks operating through illegal personal loan apps. In its latest move, the SECP has identified eight additional illegal apps, bringing the total to 132 apps that have been blocked in collaboration with Google, Apple, FIA, and PTA.
These illegal apps, distributed as Android Package Kit (APK) files through various online channels including APK websites, emails, and social media, pose significant risks to users, including the misuse of personal and financial data, fraud, and harassment.
To combat this threat, SECP, in coordination with FIA and PTA, has initiated actions against these illegal apps. While efforts to block these apps from official app stores have been successful, operators of illegal apps have resorted to distributing them through alternative channels.
In response, SECP warns the public against downloading illegal apps from any website or links shared through email or social media. Instead, individuals are advised to only download SECP-approved personal loan apps, which are exclusively available on the official app stores of Google and Apple.
An updated list of illegal apps identified by SECP, along with SECP-approved personal loan apps, is accessible on the SECP website. By adhering to these guidelines, the public can mitigate the risks associated with illegal personal loan apps and safeguard their financial and personal information.
