The Securities and Exchange Commission of Pakistan (SECP) has intensified its monitoring of social media platforms to protect the public from falling prey to illegal and exploitative personal loan schemes.
After successfully blocking 141 unauthorized digital lending apps with the help of relevant stakeholders, SECP reports that scammers are now shifting to social media channels, especially sponsored posts on platforms like Facebook, to promote fake loan offers. These ads often falsely claim to provide instant, interest-free loans with little to no requirements, and misuse the names of credible institutions to appear legitimate.
The aim is to deceive individuals into paying upfront fees—labeled as processing, registration, insurance, or verification charges—or to steal sensitive personal data. Once the victim makes a payment or shares their details, the fraudsters vanish without providing any loan.
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SECP is actively collaborating with the Federal Investigation Agency (FIA) and the Pakistan Telecommunication Authority (PTA) to report these scams and remove such content from social media.
The public is urged to exercise caution, always verify the authenticity of financial offers, and avoid sharing personal or financial information with unverified sources. A list of SECP-licensed entities and approved personal loan apps is available on the official SECP website for public reference.
