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MANILA, Philippines – The Securities and Exchange Commission (SEC) has warned the public against rising online lending scams and fraudsters posing as government or bank representatives.
In separate advisories, the regulator said it has received more complaints about illegal online lending and impersonation scams targeting money and personal data.
READ: PNP cracks down on abusive online lending apps
The SEC’s Financing and Lending Companies Department said some schemes involve unverified individuals or entities offering loans online while falsely using the names and identities of legitimate financing or lending companies.
