ISLAMABAD: The Securities and Exchange Commission of Pakistan (SECP) constantly monitors social media and websites for any illegal personal loan Apps (illegal apps) in order to safeguard the public from illicit loan sharks.

Eight (8) further illicit apps have been identified by SECP. These apps were being distributed to the public as Android Package Kit (APK) files via various APK websites, emails, and social media.

SECP has already initiated actions against these illegal apps in coordination with Federal Investigation Agency (FIA) and Pakistan Telecommunication Authority (PTA).

The SECP has so far blocked 132 illegal apps in active collaboration with Google, Apple, FIA and PTA. The coordinated efforts made by SECP, Google, FIA and PTA have forced operators of illegal apps to divert their activities to APK websites, social media, etc.

These illegal apps pose significant risks to user’s safety including misuse of personal information/sensitive financial data, fraud, blackmailing/harassment etc.

The SECP warns the general public not to download illegal apps from any website or links shared through any other source like email or social media.

Copyright Business Recorder, 2024