As part of its ongoing efforts to combat illegal loan apps, the Securities and Exchange Commission of Pakistan (SECP) has noticed a shift in the distribution of such apps.
Some operators are now launching illegal loan apps through Android Package Kit (APK) files, using alternative channels like websites and WhatsApp, rather than uploading them on Google and Apple Play stores.
The SECP has issued a cautionary statement to the general public, highlighting the serious risks associated with downloading illegal apps through channels other than official app stores. These risks include fraud, misuse of personal information, blackmail, and harassment.
To address this issue, the SECP has taken action against seven illegal apps that were marketed on various websites, collaborating with the Federal Investigation Agency (FIA) and the Pakistan Telecommunication Authority (PTA).
This change in distribution tactics is a response to the SECP's crackdown on illegal lending apps, carried out in partnership with Google, FIA, and PTA. This joint effort resulted in the removal of 120 illegal apps from the Google and Apple App stores.
The SECP has updated its list of illegal apps on its website for public awareness. The general public is strongly advised to only download SECP-approved personal loan apps, which can be found on the SECP's official website.
