Securities and Exchange Commission of Pakistan (SECP) has intensified its crackdown on illegal personal loan apps.
Monitoring social media platforms and websites closely, SECP has identified eight additional illegal apps, distributed through various channels including APK websites, emails, and social media.
Taking swift action, SECP has partnered with the Federal Investigation Agency (FIA) and Pakistan Telecommunication Authority (PTA) to initiate actions against these illegal apps.
So far, SECP has successfully blocked 132 illegal apps through collaborative efforts with Google, Apple, FIA, and PTA.
The proliferation of illegal apps poses significant risks to users, including misuse of personal information, financial fraud, and harassment.
SECP warns the general public against downloading apps from unauthorized sources, emphasizing the importance of only accessing SECP-approved personal loan apps available on official app stores such as Google and Apple.
To aid the public in making informed decisions, SECP has published an updated list of illegal apps on its website, along with a list of approved personal loan apps endorsed by SECP. This initiative aims to ensure the safety and security of users while navigating the digital landscape.