Loan Apps Accused of Data Theft for Blackmail Purposes

Many loan apps in Pakistan have recently found themselves in legal trouble, with the Financial Intelligence Analysis Unit (FIA) leading widespread crackdowns that have led to the closure of many offices and the removal of many apps from the Google Play Store.

Speaking about Google, in coordination with the Securities and Exchange Commission of Pakistan (SECP), the search engine giant has also implemented more stringent restrictions against these apps.
You should know better if you’ve been following the developments of these apps. They do gather a suspicious quantity of information. Details can be found below.

Too Many Permissions

The most downloaded loan apps, including those approved by the SECP, require an alarmingly wide range of permissions, even for the most basic operations. For example, it is necessary for Barwaqt to have access to all of your phone’s photos, contacts, app history, and other personal data.

The image below is a snapshot of the Google Play Store listing for Barwaqt.

When you download popular apps like JazzCash or Easypaisa, you’ll see the complete list of permissions they require, even though they don’t provide this information in the app store. Look at this.

You can see that these apps need a lot of information from you as well. Even if you have the option to disable these data collectors in newer versions of Android, their continued existence raises serious privacy concerns. You should know that there have been over 70 million downloads of these apps on Android alone.

EasyLoan and Muawin are only two of several SECP-registered apps that engage in similar behavior. All told, more than a million people have downloaded these programs.

Not Surprising

If you’ve been keeping up with the plot, none of this is shocking. These apps have also previously gotten in controversy for collecting too much data. We can only guess whether or if they utilize this information for internal purposes or sell it to third parties.

The good news is that SECP has warned all of its registered apps, including Barwaqt, to stop engaging in predatory behavior within a week or face closure.

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