PTA Successfully Block Another Illegal Personal Loan App

The Securities and Exchange Commission of Pakistan (SECP) actively monitors app stores, websites, and social media to identify and block illegal personal loan apps. This initiative aims to protect the public from falling into debt traps and facing other financial risks. Another illegal personal loan app, “DD Credit,” was found advertising on Facebook and targeting unsuspecting users. The SECP promptly reported this app to the Pakistan Telecommunication Authority (PTA) and the Federal Investigation Agency (FIA). As a result, the PTA successfully blocked the app.

Through its efficient in-house surveillance mechanism, the SECP has identified a total of 141 illegal personal loan apps. These apps were reported to Google, Apple, and the PTA for immediate blocking. Additionally, the SECP referred these apps to the FIA for action under the Prevention of Electronic Crimes Act of 2016. This coordinated effort has been instrumental in curbing the spread of these harmful apps.

PTA Successfully Block Another Illegal Personal Loan App

Illegal personal loan apps pose significant risks to users, including the misuse of personal and sensitive financial information. Users may fall victim to fraud, blackmail, and harassment as a result of using these apps. The SECP’s proactive measures are aimed at mitigating these risks and safeguarding public welfare.

To further assist the public, the SECP has made available an updated list of illegal apps on its website. This list includes apps that have been reported to the relevant app stores, the PTA, and the FIA. By making this information accessible, the SECP aims to inform and protect the general public from potential financial harm.

The SECP advises the public to download personal loan apps from app stores like Google Play and the Apple App. Only SECP-approved personal loan apps should be used to ensure safety and compliance. The list of approved apps is also available on the SECP website for easy reference.

The SECP’s vigilant monitoring and swift action against illegal personal loan apps demonstrate its commitment to protecting the public from financial exploitation. By reporting illegal apps and providing guidance on approved options, the SECP aims to foster a safer financial environment for all.

See Also: SECP Introduces Restrictions on Small Digital Loans

This proactive approach underscores the importance of regulatory oversight in the digital age, where financial transactions and personal data are increasingly managed through online platforms. The SECP’s efforts are a vital step in ensuring that users can trust the apps they download and use for personal loans, thereby reducing the risk of falling into debt traps or being subjected to fraudulent activities.