120 illegal loan apps removed from Google, Apple stores
To protect the public from falling into debt traps of illegal loan apps, around 120 illegal loan apps that were previously available on Google Play and Apple stores. The measures was taken by the Securities and Exchange Commission of Pakistan (SECP), in collaboration with Google, Apple, and the Pakistan Telecommunication Authority (PTA), in view of the recent proliferation of illegal personal loan apps, raising concerns of misuse, data privacy violations and coercive recovery practices. According to the SECP, it has not only strengthened its regulatory framework for licensed Non-Banking Finance Companies (NBFCs), but has also taken effective measures in coordination with relevant authorities to shut down unauthorised and illegal loan apps. Through vigilant surveillance and complaints received via the SECP’s dedicated complaint site, the regulator identified 120 unlawfully operating personal loan apps. It promptly reported these apps to Google, Apple, and the PTA for blocking, and also referred them to the FIA for further action in accordance with the Prevention of Electronic Crimes Act of 2016. The SECP has stated that it regularly checks the Google Play Store and the Apple App Store for the presence of any illegal apps.