Two houses and 16 individuals were affected by a fire that broke out at Ferdinand Happy Homes, Campo Sioco, Baguio City, at 8:15 a.m. on December 10, 2024. **Photo by neimless_skills
BAGUIO CITY (PIA) — The Securities and Exchange Commission (SEC) warns the public to be mindful on availing online loans with the trending cases of “advance fee” scam wherein victims are lured into paying processing fee or other online transaction payments.
SEC Cordillera Regional Director Regina Mae Cajucom-De Guzman shared the public advisory in a recent Kapihan media forum here, as she affirmed increasing cases of online lending scams where bogus or fake online loan entities are using telegram messaging apps offering P10,000 to P500,000 loans.
Transact only with registered lending companies as legitimate entities do not charge advance fees, and if ever there is a processing fee, it is very minimal and will be deducted from the proceeds of the loan, De Guzman stressed.
De Guzman also advised the public on the importance of verification and checking with the SEC the registration of lending companies as these can have can have fake registration documents.
If the online lending firm seems new, most probably it is not legitimate as the SEC also has a standing moratorium on online lending applications since November 2021, which means there is no new online lending companies approved since then, she added.
De Guzman led other members of the Cordillera Regional Law Enforcement Coordinating Committee’s (RLECC) Inter-Agency Task Force against online and investment scams last November 29, as a culminating activity for the observance of Investors Protection Month.
Joining De Guzman in the forum were Bangko Sentral ng Pilipinas North Luzon Regional Office Director Noel Neil Malimban, National Bureau of Investigation Regional Director Diosdado Araos, Department of Trade and Industry Asst. Regional Director Samuel Gallardo, National Telecommunication Commission Attorney III Lilibeth Cosi, PNP Regional Anti-Cyber Crime Unit Chief PCOL Larry Buansi, Crime Investigation Division Group Chief Investigator PLT. Pink Pearl Amdengan and Frankxen John Pinzon of the Department of Information and Communications Technology.
Malimban talked about Republic Act 12010 or the Anti-financial Accounts Scamming Act and on safety in the country’s banking and financing system; Gallardo’s topics were on Consumer Welfare and Protection especially against deceptive, unfair and uncontrollable sales act and practices, and Cosi on SIM Registration Act and those pertaining to telecommunications entity. Officials of NBI, RACU and CIDG gave an updates on online and other scams and law enforcement efforts against such crimes, among other related topics. **JDP/CCD-PIA CAR
