Loan Lending Smartphone Apps are Blackmailing Clients With Personal Data

Loan Lending Smartphone Apps are Blackmailing Clients With Personal Data

The list of blackmail loan requests includes Barotime, PK loan, easy loan and quick loan
The Federal Investigation Agency (FIA) has launched an investigation into Pakistan’s smartphone lending programs. According to FIA Cyber Security Wing (CSW) news, many loan applications in Pakistan were involved in blackmailing customers.

The list of apps that used to do this email merge operation includes famous names like Barwaqt, PK Loan, Easy Loan and Fast Loan.

Promising loans with an interest rate of 2.6%, these loan programs asked users to pay a markup of up to 40%, but how did they do it?

Well, these apps were illegally accessing your device and personal information. This includes contacts, personal data and even photos.

By asking customers to pay a 40 percent markup, these programs threatened those who refused to do so. Threats include leaking contacts and even private photos.

In its report, the FIA noted that the apps were also illegally charging users and said they needed to address “some issues”.

According to the FIA, these apps target women far more than men. This agency finally decided to take action after receiving a series of complaints from users.

What is more worrying is the fact that most of these companies were operating without registration with the State Bank of Pakistan.

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