The Securities and Exchange Commission of Pakistan (SECP) has issued a public warning over fraudulent schemes involving the now-defunct Barwaqt App, formerly operated by Seedcred Financial Services Limited (SFSL). As financial scams rise across digital platforms, this warning comes as a timely reminder for the public to stay alert and avoid illegal services promising credit record manipulation. 🚫💸
📉 Barwaqt App: No Longer in Operation
Let’s clear the air — Barwaqt App was officially delisted by SECP in August 2024, and SFSL is currently non-operational. Despite this, scammers are actively leveraging the app’s former reputation to lure unsuspecting victims.
🚨 What’s Happening?
- Scammers on social media claim they can remove or edit loan default records associated with Barwaqt.
- In return, they demand payment — often upfront — for a service that is completely fraudulent.
- These individuals have no legal authority to access or alter credit information.
📜 SECP’s Official Statement
In its official press release, the SECP stated:
“The public is strongly advised not to pay any money to unauthorized individuals or entities offering such services.”
They also emphasized that only legally authorized credit bureau members can report and manage loan statuses under the Credit Bureau Act, 2015.
🧠 What You Need to Know (and Do)
✅ DO:
- Verify any credit or loan-related services through official channels
- Contact SECP or licensed financial institutions for help
- Stay informed about financial fraud trends
❌ DON’T:
- Share your personal or financial details with unknown contacts
- Pay anyone claiming to “fix” your credit record
- Believe random social media posts offering financial fixes
🔒 Stay Safe in the Digital Finance World
With more people turning to fintech apps for quick loans, it’s easy to fall prey to fake services. But financial security starts with awareness.
Here’s a helpful read to stay protected 👉 How to Spot and Report Financial Scams in Pakistan
📣 Final Takeaway
The SECP’s fraud alert is a serious call to action: don’t trust anyone who claims they can manipulate your credit records for a fee — especially if it’s linked to a defunct app like Barwaqt. Be smart, be skeptical, and always verify before acting.
✅ Stay Informed
For verified financial updates and scam alerts, subscribe to our newsletter or follow SECP’s official website and social platforms.
