SECP’s crackdown on illegal personal loan apps continues
ISLAMABAD ( Web News )
In order to protect people from illegal personal loan apps that provide loans illegally and then trap them in the clutches of debt, the Securities and Exchange Commission of Pakistan is continuously monitoring social media and websites. does . SECP has identified eight (8) more illegal apps that are Android package kits through various websites, emails and social media. (APK) files were being distributed to the public. Legal action has been initiated against these illegal apps in association with the Federal Investigation Agency (FIA) and Pakistan Telecommunication Authority (PTA). With the help of SECP, FIA and PTA, 132 illegal apps have been blocked from Internet Google, Apple Play Store so far. A concerted effort by SECP, Google, FIA and PTA has forced the operators of illegal apps to use app websites, social media etc. to promote their apps to users. Use the These illegal apps create various problems for users such as access to personal information, financial data and fraud, blackmail and harassment. Do not share or download loan apps apps from any website or email or social media or other such sources or any links on the Internet. For public information, updated list of illegal apps is available on SECP website. Users are advised to download only personal loan apps approved by SECP which are available only on official app stores of Google and Apple. List of SECP approved personal loan apps is also available on SECP website.