Islamabad, October 3, 2023 – The Securities and Exchange Commission of Pakistan (SECP) has issued a stern warning to the general public concerning the downloading of Android Package Kit (APK) files of illegal loan apps.
The SECP’s cautionary statement comes in response to a recent observation that operators of illegal loan apps have started distributing their applications through APK files via alternative channels, such as websites and WhatsApp, as opposed to conventional platforms like Google and Apple Play stores.
READ MORE: Bank Alfalah Announces Launch of Exchange Company with Rs 2 Billion Share Capital
These illicit apps distributed via non-official channels pose significant risks to users, including potential fraud, misuse of personal information, blackmailing, and harassment. Consequently, the SECP strongly advises the general public to refrain from downloading illegal apps from any website or through links shared from unofficial sources.
As part of its ongoing surveillance efforts, the SECP has identified seven illegal apps being promoted on various websites and has initiated legal actions in collaboration with the Federal Investigation Agency (FIA) and the Pakistan Telecommunication Authority (PTA) to combat this issue.
READ MORE: Bank of the Future Forum 2023 Kicks Off on October 5
This shift in the distribution technique for illegal apps is a direct result of actions taken against illegal lending apps by the SECP, in collaboration with Google, FIA, and PTA. These collective efforts have resulted in the removal of 120 illegal apps from both the Google and Apple App stores.
To assist the public in identifying illegal apps, the SECP has published an updated list on its official website. To ensure the safety of their personal information and financial transactions, the general public is strongly advised to exclusively download SECP-approved personal loan apps, which are accessible through the SECP’s official website.
The SECP remains committed to protecting consumers from the risks associated with illegal loan apps and urges all citizens to exercise caution and use only legitimate financial services applications that comply with regulatory standards.
