SECP Takes Action Against Illegal Personal Loan Apps

Staff Report

The Securities and Exchange Commission of Pakistan (SECP) consistently monitors social media and websites for illegal personal loan apps, also known as illegal apps, to protect the public from unscrupulous loan providers. SECP has recently identified eight more illicit apps.

These apps were being circulated among the public as Android Package Kit (APK) files through various APK websites, emails, and social media channels.

SECP has taken immediate action against these illegal apps in collaboration with the Federal Investigation Agency (FIA) and the Pakistan Telecommunication Authority (PTA).

Working together, SECP, Google, Apple, FIA, and PTA have successfully blocked 132 illegal apps. However, operators of these illegal apps have resorted to distributing them through APK websites and social media platforms.

These illegal apps pose significant risks to users, including the misuse of personal information and sensitive financial data, as well as potential fraud, blackmail, and harassment.SECP and FIA to Collaborate for a Secure Digital Financial System

SECP urges the general public not to download illegal apps from any website or links shared through email or social media. You can check the updated list of Apps here.

The public is advised to only download SECP-approved personal loan apps, which are exclusively available on the official app stores of Google and Apple. The list of SECP-approved personal loan apps can also be found on the SECP website for easy reference.