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SECP Cracks Down on Illegal Loan Apps to Protect Public from Debt Traps

The Securities and Exchange Commission of Pakistan (SECP) actively monitors app stores, websites, and social media to identify and combat illegal personal loan apps, safeguarding the public from debt traps.

One such app, “DD Credit,” was found promoting itself through Facebook advertisements. The SECP reported this to the Pakistan Telecommunication Authority (PTA) and the Federal Investigation Agency (FIA), resulting in the PTA blocking the app.

Through its efficient in-house surveillance, the SECP has identified 141 illegal apps. These have been reported to Google, Apple, and the PTA for immediate blocking and referred to the FIA for action under the Prevention of Electronic Crimes Act of 2016. This coordinated approach has been effective in reducing the spread of illegal apps.

These apps pose significant risks to users, including the misuse of personal and sensitive financial information, fraud, blackmail, and harassment. Therefore, the SECP strongly warns the public not to download illegal apps from any website or links shared via email or social media.

For public awareness, an updated list of illegal apps identified by the SECP and reported to relevant authorities is available on the SECP website.

The public is advised to download only SECP-approved personal loan apps from official Google and Apple app stores. A list of these approved apps is also available on the SECP website for public convenience.

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