FRAUDULENT LOAN APPLICATIONS ON SOCIAL MEDIA & INNOCENT PEOPLE
WAHEED ZAMAN-CAMS-Regional Manager-Compliance-HBL-AML
CAMS| Regional Manager-HBL-AML Monitoring & Investigations, Financial Crime Compliance, Habib Bank Ltd, |Transaction Monitoring| ACAMS |AML Trainer-IBP-Content creator Financial Crimes| Branch Banking Operations
?? You all must be knowing that there are various criminals with catchy fraudulent loan schemes. due to ever increasing inflations & heightened price hike, people fall prey to the net of these criminals & ruined themselves financially, socially & psychologically.
? As per SECP "there are more than 74 illegal and unauthorized loan applications on the social media /google play store". criminals offer instant easy loans to general public without disclosing hidden charges or ill intended terms & conditions.
?? They design these loans in such way that victim has to return six / seven times more than actually obtained loans. Poor people selling their valuables, home appliances & imploring from their families & friends. they spend a very insecure & fearful life.
?? Once an unlucky user download said application from play store his /her personal data becomes automatically compromised such as person’s personal photos, videos, contact details & call data.
?? These companies have got a gang of criminals in the name of recovery team, which is often found engaged in harassing, blackmailing & intimidating such applicants who delay in any installment or fail to pay full penalty & hidden charges packed loan.
?? In the first phase, they call to beneficiaries of loans, in the second phase, they start calling their family & friends appearing in the contact list, In the third & final stage, they harass beneficiaries to viral family photos or videos creating a fake nude pictures or videos with deep-fake applications.
This way they force people to repay undue amount or squeeze them to take an extreme step which can even be a suicide.
?? All the people of Pakistan are requested to keep an eye on these tricky schemes & guide their acquaintances accordingly. We must create awareness & spread the word against these fraudulent applications.
There are various forums & platforms for public to register their complaints such as Security exchange of Pakistan (SECP) & The Federal Investigation Agency (FIA). People should immediately register their complaints on given emails & free toll numbers on their websites instead of bearing the brunt silently & taking out their own precious lives by committing suicides.
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Conclusion:
?? ?? We are having a very comprehensive law namely "The Prevention of Electronic Crimes Act 2016" which prohibits “The illegal usage of any communication device (computer or a group of computers under one network) to commit or facilitate in committing any illegal act against individuals, business groups, or even governments".
?? Keeping in view above notorious schemes & law of the land, we request
Pakistan Telecommunication Authority (PTA); The Federal Investigation Agency (FIA) & Security exchange commission of Pakistan (SECP) to activate above law fully & safeguard innocents people from these criminal gangs.
Disclaimer:?The views and opinions expressed in this content are solely those of the author and do not reflect the position of the organization(s) the author affiliated with.?This article is solely for academic & knowledge sharing purpose and does not constitute any professional advice or partial opinion.
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