In a decisive move against the ongoing crackdown against illegal loan apps, the Security and Exchange Commission of Pakistan (SECP) has blocked eight more illegal loan applications, ARY News reported.
According to SECP sources, these eight applications were advertising their illegal loan application through social media and email channels.
The regulatory body has already blocked 132 illegal loan apps, highlighting the significant risks these platforms pose to consumers.
READ: SECP blocks 120 Online Loan Apps in Pakistan
The SECP emphasized that these unlawful apps not only exploit personal information but also gain access to sensitive financial data, raising concerns about potential financial fraud and privacy breaches.
The commission revealed that users of these loan apps often become victims of blackmail, as the apps misuse their personal information to coerce them into repaying loans.
The SECP also issued a warning to consumers, urging them not to download loan apps from unknown links to safeguard their personal information.
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