SECP blocks eight more illegal loan apps, urges public caution

WEB DESK: In a proactive move to protect the public from the perils of illicit loan activities, the Securities and Exchange Commission of Pakistan (SECP) has intensified its vigilance over social media and websites, focusing on identifying and countering illegal personal loan applications (apps).

A recent press release from SECP disclosed that the regulatory body has identified eight additional illicit apps distributed as Android Package Kit (APK) files through various platforms, including APK websites, emails, and social media channels.

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

A total of 132 illegal apps have been successfully blocked through concerted efforts involving SECP, Google, Apple, FIA, and PTA.

The coordinated crackdown has compelled operators of illegal apps to shift their activities to alternative platforms, such as APK websites and social media.

The illegal apps not only jeopardize user safety but also pose significant risks, including the misuse of personal information, financial data, fraud, and potential harassment.

The SECP, in a stern advisory to the general public, cautioned against downloading apps from unauthorized sources, such as websites, emails, or social media links.

An updated list of identified illegal apps has been made available on the SECP website, which is regularly reported to app stores, PTA, and FIA.

To ensure the safety of users, the SECP strongly urged the public to download personal loan apps only from SECP-approved sources, exclusively available on the official app stores of Google and Apple.

The list of approved personal loan apps can also be accessed on the SECP website for the convenience of the general public.

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