The Philippine Securities and Exchange Commission (SEC) has warned the public against several online lending platforms accused of illegally using the names and regulatory credentials of legitimate financing and lending companies to solicit borrowers.
In recent advisories, the SEC flagged Perasayo.com for allegedly using the corporate identity and regulatory information of Pera Sayo Lending Inc., a duly licensed lending company, without authorization.
The regulator said the website had been soliciting loan applications while falsely presenting itself as connected to the licensed lender.
The SEC also reiterated its warning against online platforms allegedly exploiting the name and branding of Tala Financing Philippines Inc. These include Tala-Cash Loan Philippines, Tala AISI-loan app quickly and Tala Shuk Lending Inc.
The entities have been linked to possible phishing activities, unauthorized collection of personal information, harassment, abusive collection practices, misuse of consumer data and unauthorized financial transactions, according to the SEC.
The Commission also cautioned the public against Finpine, an unregistered online lending platform accused of deceptive practices, including automatically disbursing loans to consumers and using harsh collection tactics.
Finpine was also accused of using the logos of the SEC and the Bangko Sentral ng Pilipinas to create the impression that its operations are legitimate.
The regulator separately flagged the unauthorized use of the name “Zippeso,” a former online lending platform operated by Lendora Lending Corp., in connection with another lending operation.
It also advised the public to avoid social media pages, websites and mobile applications illegally using the corporate name, identity, registration details and regulatory credentials of Mabilis Cash Financing Corp.
The latest warnings highlight the continuing risks faced by Filipino borrowers as illegal lending operators use cloned websites, fake mobile applications and social media pages to impersonate legitimate financial companies.
The SEC urged consumers to verify the legitimacy of lending and financing firms before sharing personal information or entering into loan transactions online.
Suspicious online lending activities, unauthorized loan transactions and illegal investment schemes may be reported through the SEC unified hotline 1-4732, or 1-4SEC, and the SEC iMessage Portal.