The Pakistan Telecommunication Authority (PTA) has reached out to the Securities and Exchange Commission of Pakistan (SECP) to obtain more detailed information regarding 16 illicit loan applications. Earlier this week, the regulator had already blocked 43 apps falling into this category.
In a recent Twitter thread, the telecom regulator emphasized that financial apps should possess licenses from the SECP and adhere to the legal frameworks set by the State Bank of Pakistan (SBP).
The primary role of the PTA involves the blocking of illegal apps, a course of action taken upon the identification of such apps by the SECP or when consumers report them through the PTA’s Complaint Management System as fraudulent.
“To address the issue of illegal loan apps, a total of 59 apps were reported by the SECP and through the PTA’s complaint management system. Subsequently, 43 illegal apps were promptly blocked by the PTA. Regarding the remaining 16 apps, the SECP has been asked to furnish further details,” the PTA stated.
Additionally, the PTA clarified that once cases involving illegal apps are reported, it takes necessary measures by contacting the respective AppStores to ensure the removal of these fraudulent apps from their platforms.
“The PTA remains committed to collaborating with the SECP and FIA to combat the proliferation of illegal and deceptive apps,” concluded the statement.
Crackdown on Illegal Loan Apps
‘The recent crackdown on illegal loan applications follows a tragic incident in Rawalpindi last week, in which an individual took their own life after falling victim to blackmail by online loan apps.
