Islamabad — The Securities and Exchange Commission of Pakistan (SECP) has issued a public alert warning against a surge in fraudulent personal loan schemes being promoted through social media platforms such as Facebook.
Following a successful crackdown on 141 unauthorized digital lending apps, scammers have shifted tactics, now targeting unsuspecting individuals through sponsored advertisements on social media. These deceptive ads falsely promise quick, interest-free loans with minimal documentation and misuse the names of reputable organizations to appear credible.
According to the SECP, the scammers lure victims by requesting upfront payments under the guise of processing, registration, or insurance fees. In some cases, they also seek sensitive personal and financial information. Once the payment or data is obtained, the fraudsters vanish without providing any loans.
The SECP has taken up the matter with the Federal Investigation Agency (FIA) and the Pakistan Telecommunication Authority (PTA) to track the culprits and remove the fraudulent ads. It has also urged social media companies to step up vigilance and enforcement.
The public is strongly advised to verify the legitimacy of all financial offers and to consult the official list of SECP-licensed companies and approved loan apps, available on the SECP website. Sharing personal or financial information with unverified sources can lead to financial loss and identity theft.
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