The Securities Exchange Commission of Pakistan (SECP) has banned 141 fake digital loan apps, which would offer interest-free loans to the people on Facebook and other social media platforms on easy installments and would then disappear after receiving money in the name of an advance fee. The SECP has said that in order to win people’s trust, these apps would also use the names of large organisations.

And after obtaining their personal details and money, these apps would simply vanish without lending a loan. The commission has said it is going to file a complaint against the owners of such apps to the FIA and PTA. It has advised people to verify the genuineness of any platform offering monetary assistance or loans, and not to share their personal details or send money without authentication.

Credit: Independent News Pakistan (INP)