The Securities and Exchange Commission of Pakistan (SECP) has alerted the general public about ongoing fraudulent activities related to the Barwaqt App which was operated by Seedcred Financial Services Limited (SFSL).
SFSL is currently non-operational and Barwaqt App was delisted by SECP in August 2024, the commission said in a press release.
The SECP has received reports that certain individuals are using social media platforms to falsely claim that they can remove or alter loan default records reported by SFSL to credit bureaus, it said.
These individuals are demanding payment in exchange for such services. These practices are fraudulent and are being carried out without any legal authority.
“The public is strongly advised not to pay any money to unauthorized individuals or entities offering such services,” it added.
According to the Credit Bureau Act, 2015, only duly authorized members of credit bureaus can report loan statuses and related data. The SECP has urged the public to remain vigilant and avoid falling victim to these scams.
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