SECP Issues Fraud Alert on Barwaqt App, Urges Vigilance

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Islamabad: The Securities and Exchange Commission of Pakistan (SECP) on Friday issued a public warning regarding fraudulent activities associated with the Barwaqt App, previously operated by Seedcred Financial Services Limited (SFSL).

In a press release, the SECP stated that SFSL is currently non-operational and the Barwaqt App was officially delisted by the Commission in August 2024.

The SECP has received multiple reports indicating that certain individuals are using social media platforms to falsely claim they can remove or modify loan default records reported by SFSL to credit bureaus. These individuals are reportedly demanding payments in exchange for such services.

“The public is strongly advised not to pay any money to unauthorized individuals or entities offering these services,” the statement read, adding that these practices are entirely fraudulent and lack any legal basis.

The SECP emphasized that, under the Credit Bureau Act, 2015, only duly authorized members of credit bureaus are permitted to report or update loan statuses and related credit information.

The Commission urged citizens to remain vigilant and avoid falling victim to these scams.