Once again, the Securities and Exchange Commission (SEC) has issued a warning to the public against several online lending platforms, websites, mobile applications and social media accounts that reportedly misuse the identities of legitimate lending and financing companies to solicit borrowers.
In a series of public advisories, the state regulator disclosed that several Facebook pages, TikTok accounts, websites and mobile applications had been monitored for unauthorized use of the name, corporate identity, registration details and regulatory credentials of legally incorporated lending firms in connection with loan offerings and related financial services.
It flagged multiple entities allegedly posing as or claiming affiliation with registered lenders including Mabilis Cash Financing Corporation, Pera Sayo Lending Incorporated, Lendora Lending Corp., and Tala Financing Philippines Inc.
Mabilis Cash had earlier denied any connection with the reported platforms, which include numerous Facebook pages operating under variations of the company’s name, TikTok accounts promoting lending services, websites, and mobile applications available through the Apple App Store.
“The foregoing Facebook pages, TikTok accounts, mobile applications and websites are not owned, operated, controlled, authorized, endorsed or affiliated in any manner with Mabilis Cash Financing,” the Commission noted.
The regulator also warned against transacting with the website perasayo.com after receiving information that it was using the name and regulatory information of Pera Sayo in connection with loan solicitations.
Pera Sayo informed the SEC that the website was not owned, operated, managed, controlled or authorized by the company and that the matter had already been reported to law enforcement authorities.
In the meantime, SEC cautioned the public against an online lending platform operating under the name ‘Zippeso’, which had appeared on app stores and a separate website. Lendora Lending Corp. reported that it neither owned nor operated the platform and that ‘Zippeso’ was merely a former online lending platform name that had already been discontinued and was no longer among its authorized and disclosed platforms.
SEC likewise issued a warning against fraudulent websites, mobile applications and social media pages allegedly using the branding and identity of Tala Financing. It said that reports submitted to the commission indicated that some of the suspicious platforms misrepresented themselves as being affiliated with Tala and were allegedly involved in unauthorized collection of personal information, misleading representations to borrowers and possible misuse of consumer data.
In another case, the Commission also warned against FINPINE, an unregistered online lending platform allegedly engaged in unauthorized lending activities. According to reports, FINPINE has been enticing borrowers through an unregistered platform and using questionable practices that nclude automatic loan disbursements and aggressive collection methods.
SEC advised the public to be wary about these lenders as it has noted that there are platforms purportedly displaying the logos of SEC and the Bangko Sentral ng Pilipinas (BSP) to create the impression that it was duly regulated.
It reiterated that only financing and lending companies duly registered with it and operating through properly recorded online lending platforms were authorized to conduct online lending activities.
It warned that the unauthorized use of the identity and regulatory credentials of legitimate lenders often expose consumers to fraud, identity theft, phishing schemes, unauthorized collection of payments and misuse of personal information.
“The public should verify the legitimacy of lenders and their online lending platforms through SEC records before entering into financial transactions and advised consumers to transact only through officially disclosed and authorized digital channels,” the Commission stressed to conclude.