The Security and Exchange Commission of Pakistan (SECP) has taken a firm stance against the continuous campaign of illicit lending apps by blocking eight more of them.
According to SECP officials, these eight applicants used email and social media platforms to promote their fraudulent loan application.
132 illicit lending applications have already been prohibited by the regulatory agency, underscoring the serious risks that users of these platforms face.
The SECP highlighted that these illegal applications have the ability to access sensitive financial data in addition to personal information, which raises worries about potential financial fraud and privacy violations.
The commission found that because these lending applications leverage users’ personal information to force them to repay debts, consumers frequently become the victims of blackmail.
In order to protect their personal data, users are also advised by the SECP not to download lending apps from unidentified URLs.
132 illicit lending applications have already been prohibited by the regulatory agency, underscoring the serious risks that users of these platforms face.
The SECP highlighted that these illegal applications have the ability to access sensitive financial data in addition to personal information, which raises worries about potential financial fraud and privacy violations.
The commission found that because these lending applications leverage users’ personal information to force them to repay debts, consumers frequently become the victims of blackmail.
In order to protect their personal data, users are also advised by the SECP not to download lending apps from unidentified URLs.