THE Securities and Exchange Commission (SEC) has warned the public against fraudulent and unauthorized lending activities being conducted through Telegram and other online messaging platforms.
In an advisory, the SEC’s Financing and Lending Companies Department (FinLenD) said it had observed a growing number of complaints involving suspicious loan offers made through private messaging applications and social media channels.
The regulator said reported schemes included loan offers from unverified entities, unauthorized use of the names and logos of legitimate lending firms and demands for advance payments before the release of loan proceeds.
FinLenD also cited reports involving Telegram group chats where supposed borrowers posted testimonials claiming they successfully received loans after paying “processing,” “verification,” or “release” fees.
The SEC cautioned that such individuals may be accomplices participating in fraudulent schemes designed to pressure victims into sending money.
“The testimonials, conversations, or screenshots circulated therein may be fabricated or orchestrated to create a false appearance of legitimacy,” the advisory stated.
The commission reminded the public that legitimate financing and lending companies must be duly registered with the SEC and possess a valid certificate of authority to operate.
The SEC urged borrowers to verify whether lending firms were authorized by the commission before entering into loan transactions and to transact only through official websites, applications and verified communication channels.
It also warned the public against advance fee loan schemes, noting that legitimate lenders do not require repeated payments as a condition for loan releases.
The commission further advised consumers not to disclose personal information, banking credentials, one-time passwords and contact lists to unverified individuals or applications.
The SEC also cautioned the public against downloading files or opening suspicious links sent through messaging platforms, citing risks of phishing, identity theft and unauthorized data access.
The public was also urged to report suspicious lending activities through the SEC's hotline and official online platforms.
