ISLAMABAD – Scam alert for Pakistanis as Securities and Exchange Commission of Pakistan (SECP) issued advisory to the masses about ongoing scams involving Barwaqt App.
It said SFSL is no longer operational, and Barwaqt App was officially delisted by the SECP in August 2024. Despite this, scammers have been actively using social media platforms to falsely claim they can delete or alter loan default records submitted by SFSL to credit bureaus.
These fraudsters are demanding payment in exchange for these fake services. The regulatory body has made it clear that such offers are completely illegal and have no legal standing. Only authorized members of credit bureaus, as defined under the Credit Bureau Act, 2015, are allowed to report or modify credit data.
The public is strongly urged not to trust or pay anyone offering to “fix” their credit history related to Barwaqt or SFSL. These are fraudulent schemes designed to exploit unsuspecting victims.
SECP is calling on citizens to stay vigilant and report any suspicious activity. For safe financial dealings, always verify service providers through official SECP channel.
Scam Loan Apps in Pakistan
PK Loan, Easy Loan, Zeta Loan, Asan Qarz, Udhar Paisa, Credit Cat, Fast Loan, Easy Money, and B Cash are among scam lenders.
