The Securities and Exchange Commission of Pakistan (SECP) has issued a warning regarding illegal loan apps, noting that some operators have started launching these apps through Android Package Kit (APK) files via alternative channels, rather than uploading them to Google Play and the App Store.
SECP has cautioned the public about the risks associated with such apps, including fraud, misuse of personal information, blackmail, and harassment.
Also Read: The extremely dangerous aspect of loan apps to blackmail its users
The commission has initiated action against seven illegal apps marketed on various websites in collaboration with the Federal Investigation Agency (FIA) and the Pakistan Telecommunication Authority (PTA).
SECP had previously taken action in partnership with Google, resulting in the removal of 120 illegal apps from official app stores. The public is advised to download only SECP-approved personal loan apps.
