SECP continues crackdown on illegal loan apps

As part of the Securities and Exchange Commission of Pakistan’s (SECP) crackdown on illegal loan apps, it has been observed that some operators have started launching their illegal loan apps through Android Package Kit (APK) files, by using alternative channels such as websites, WhatsApp, etc. instead of uploading them on Google and Apple Play stores.

The general public is cautioned that illegal apps available through channels other than the App Store pose serious risks to the users, including fraud, misuse of personal information, blackmailing, harassment, etc. SECP, THEREFORE, WARNS THE GENERAL PUBLIC NOT TO DOWNLOAD ILLEGAL APPS FROM ANY WEBSITE OR LINK SHARED THROUGH ANY OTHER SOURCE.

As part of SECP’s surveillance activities, seven illegal apps marketed on various websites have been identified and action has been initiated in collaboration with the Federal Investigation Agency (FIA), and the Pakistan Telecommunication Authority (PTA). Scam Exposed: 75 illegal Loan Apps Loot Over 0.1m People

The shift in illicit app distribution techniques is the consequence of actions against illegal lending apps initiated by SECP, in partnership with Google, FIA, and PTA, which resulted in the removal of 120 illegal apps from the Google and Apple App stores.

An updated list of illegal apps has been placed on SECP’s website for public information and the general public is advised to download only SECP’s approved personal loan apps, available on SECP’s website