The SECP has issued a warning to the public about unlicensed online trading platforms. These platforms often impersonate licensed brokers and promise guaranteed, risk-free profits.
According to the SECP, these fraudulent apps and websites aggressively target investors through social media campaigns. Many copy the identities of licensed securities brokers, commodities brokers, well-known financial institutions, influencers, and even senior government officials to appear credible.
The regulator stated that these platforms often show fake dashboards with fabricated balances and profits. Some allow small withdrawals initially to build trust. Later, users are blocked when they try to withdraw larger amounts.
The SECP emphasized that only licensed securities brokers and futures market brokers are legally allowed to offer trading services in Pakistan. Official lists of authorized brokers are available on the SECP, Pakistan Stock Exchange, and Pakistan Mercantile Exchange websites.
Investors are advised not to deposit money with any unlicensed platform or individual offering trading, advisory, or investment services. All broker details should be verified using official SECP resources.
The regulator also warned the public not to share personal or financial information with unknown sources on social media or messaging apps. Such interactions can lead to identity theft, financial scams, and significant monetary losses.
The SECP’s warning highlights the growing risk of fraudulent trading apps in Pakistan. Officials urged investors to remain vigilant, conduct due diligence, and only engage with officially licensed brokers. These measures are essential to protect personal funds and avoid falling victim to scams.
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By monitoring online platforms and educating investors, the SECP aims to ensure a safer investment environment and maintain public confidence in Pakistan’s financial markets.
