SECP warns of fraud risks

ISLAMABAD: The Securities and Exchange Commission of Pakistan (SECP) on Tuesday warned the public against downloading illegal loan apps from websites or other sources, saying they pose serious risks of fraud, blackmail and harassment.

The regulator said it had observed that some operators of illegal loan apps had started launching their apps through Android Package Kit (APK) files, instead of uploading them on Google and Apple Play stores.

“SECP, therefore, warns the general public not to download illegal apps from any website or link shared through any other source," it said in a statement.

The SECP said it had identified seven illegal apps marketed on various websites and had initiated action against them in collaboration with the Federal Investigation Agency (FIA) and the Pakistan Telecommunication Authority (PTA).

The regulator said the shift in illicit app distribution technique was the consequence of actions against illegal lending apps initiated by SECP, in partnership with Google, FIA and PTA, which resulted in the removal of 120 illegal apps from the app stores.