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MANILA, Philippines — The Securities and Exchange Commission (SEC) has warned the public against a Facebook page allegedly using the identity of financing firm Streetcorner Finance Co. Inc. (SFCI) to promote unauthorized online loans.
In an advisory, the corporate regulator flagged a Facebook page using the name “Streetcorner Finance Co Inc” for posing as the legitimate company and offering loans.
READ: SEC cracks down on illegal online lending platforms
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SFCI, however, told the SEC that it has no ownership, operation, control, authorization, endorsement or affiliation with the page, its operators or their activities.
The company denied claims that someone operated the Facebook account on behalf of SFCI.
Based on materials submitted to the regulator, the page used SFCI’s name in posts promoting online loans.
The advertisements could give consumers the impression that the account was a legitimate or authorized channel of the company, the SEC said.
The regulator pointed out that using the name, logo, corporate identity, or other identifying information of a registered financing or lending company on social media does not guarantee that the company authorized the account.
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Consumers should also avoid paying membership, processing, insurance, verification or advance fees based solely on representations made through unverified social media accounts.
Additionally, consumer should refrain from sharing personal, financial or sensitive information through such channels.
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READ: PNP cracks down on abusive online lending apps
The SEC encouraged those contacted by or who transacted with the Facebook page to report the matter to the agency and, when appropriate, to law enforcement or cybercrime authorities.
“The commission reiterates that the public should transact only with duly registered financing and lending companies and should verify their official online channels through the SEC’s official website and other official SEC channels,” the SEC said. /pai
