SECP says 74 fake loan apps on Google Play Store include ‘Asaan Qarza’.

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The Security and Exchange Commission of Pakistan (SECP) on Saturday advised the public to deal with fake loan apps downloaded from the Google Play Store.

Asan Qarza, which has been downloaded over 1 million times from Google alone, is one of 74 fake loan apps that claim to be a “professional 100% online loan application” that provides cash.

These applications claim to provide easy loans to people at low interest rates. People who download these apps give access to their phone data, including their photo gallery and contact list.

Once these applications are downloaded, they gain access to the user’s personal data.

The financial regulatory authority told JEE News that only 10 micro-credit apps are legal, including Finja, Maaween, Credit Fee, EasyPK Loan, ZodPay and ZodMal, Qisstpay CreditCat RazCash, Abhi, Barwaqt, Udhar-Paisa and Zaroorat Cash included.

These apps are registered as non-banking financial companies with the SECP under the Companies Act, 1956.

“The apps listed [above] are illegal,” SECP chief spokesperson, Masrat Jabeen told JEE News via email, adding that the public is advised to deal with illegal apps.

The commission has identified 75 online apps that are scams, including easy loans, which the SECP hopes to crack down on.

“To control the scourge of illegal lending apps, the SECP has approached local regulators like PTA, FIA, and SBP besides Google and Apple,” Jabeen added.

“In January and February, 75 unauthorized apps were reported to Google and Apple for removal from their app stores. Google has agreed to begin revising its policies to limit its platforms to licensed entities. .

The spokesperson explained that these illegal apps engage in “predatory lending” behavior, where they blackmail and harass borrowers and violate their data privacy, which is under the Electronic Crimes Act, 2016 and anti-corruption laws. are liable for prosecution under the Money Laundering Act, 2010;

According to the rules, a digital lender will be allowed to operate in the country if it has obtained a license and approval from the SECP and certification from the Pakistan Telecommunication Authority (PTA).

Additionally, apps are not allowed to access a borrower’s phone book, contact list or photo gallery, even if the borrower has given consent.

The list of illegal and unauthorized apps is given below:

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