Online scammers
DESPITE government warnings, highly-enterprising online scammers still manage to victimize more and more people across the country.
Various quarters, including government officials, have expressed shock at the supposed proliferation of fraudulent online lending apps.
The Securities and Exchange Commission (SEC) told the people about “red flags” that they should watch out for when borrowng funds.
The scammers are posting as legitimate firms by using the list of registered firms and their licenses available at their website.
They post the names of registered firms and pretend that they are these companies, when in fact, they are not, according to Kenneth Joy Quimio.
Quimio, officer-in-charge of the SEC’s financing and lending department, said many if not most scammers do not have physical offices.
“Don’t transact business with companies with only virtual offices. Choose the ones with offices that can be visited,” said Quimio.
SEC records show that there are around 4,700 registered financing and lending companies in the country.
Of the number, 170 firms have their own online lending apps.
Thus, borrowers would do well to first get in touch with the SEC before transacting business with financial and lending companies.
Cetainly, it’s a move in the right direction. We are all for this.
