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ISLAMABAD: The Securities and Exchange Commission of Pakistan (SECP) has issued a Barwaqt app fraud alert, warning the public about ongoing scams linked to the Barwaqt App, previously operated by Seedcred Financial Services Limited (SFSL). The company is currently non-operational, and the app was officially delisted by SECP in August 2024.
According to reports received by the SECP, some individuals are using social media platforms to falsely claim they can remove or modify loan default records reported by SFSL to credit bureaus. These scammers are demanding payments for services they are neither legally authorized nor capable of providing.
The SECP has stressed that these practices are fraudulent and carried out without any legal basis. The Barwaqt app fraud alert serves as a public warning against engaging with unauthorized persons or entities that claim they can alter credit histories.
As per the Credit Bureau Act, 2015, only officially authorized members of credit bureaus are permitted to report or update loan-related data. Any claims or services offered outside this framework are not legally valid.
The SECP strongly urges citizens to stay vigilant and refrain from paying money to such scammers. Individuals are advised to rely only on official sources for financial services and credit-related matters to avoid falling victim to fraud.
