THE Securities and Exchange Commission (SEC) has warned the public against online scams involving the unauthorized use of names and identities of registered financing and securities firms.
In separate advisories, the SEC said unidentified individuals were falsely using the names of GLIMMS Credit Inc., Aurora Securities Inc. and Value Quest Finance Corp. in connection with unauthorized lending and investment activities.
The commission also warned against dealing with XELORA, which it said was not registered with the SEC and had no license to solicit investments or offer securities.
Fraudsters were said to have been posing as representatives of GLIMMS and operating through online platforms, including a website identified as “glimmscreditincorporation.com,” where potential borrowers were allegedly asked to pay advance fees and processing charges before supposed loan proceeds could be released.
The regulator said GLIMMS had denied any involvement in the online activities and clarified that it did not operate any website, online lending platform or social media-based lending service.
“The use of its name, identity, and registration details in the subject website and related platforms is unauthorized, fraudulent, and without the knowledge or consent of the Company,” the SEC said.
The commission added that it had sought the assistance of the National Telecommunications Commission to block the fraudulent website, citing risks to consumers and the regulated lending sector.
Meanwhile, the SEC said scammers pretending to represent Aurora Securities had been sending messages through WhatsApp and Viber, falsely claiming that recipients held investment portfolios with the company and needed to settle taxes before withdrawing funds.
“Upon evaluation thereof, it is evident that the reported scheme is an advance-fee scam,” the SEC said, describing this as a fraud scheme where victims are promised large sums of money in exchange for upfront payments.
Separately, the SEC said a Facebook page operating under the name “Kabayan Loan Express” and related online channels misrepresented themselves as affiliated with Value Quest to solicit personal information and advance payments from borrowers.
The Commission said Value Quest had denied authorizing the activities. NAZYLEN JOY MABANGLO
