“SECP” cracks down on illegal loan apps following public complaints.
In this regard, SECP issued a statement saying that 120 illegal loan apps have been removed, the list of which has been published on the website. The crackdown will continue with the support of FIA and PTA.
According to the SECP, illegal lending apps accessible through web channels and alternative channels developed by app developers in place of Google, Apple Play Store and other app stores pose a serious threat to consumers.
The Securities and Exchange Commission advises people to only download approved lending apps from Google or Apple’s Play Store.
The statement also warns against downloading unauthorized programs shared on websites or WhatsApp as they can lead to fraud, exploitation of personal information, extortion and harassment.
The public is hereby informed that any complaints against licensed NBFCs and sanctioned loan applications may be lodged on SECP’s complaint portal. Additionally, you can report illegal investment schemes or lending apps on this platform.