THE Securities and Exchange Commission (SEC) has warned consumers against Backoffice Associates Philippines and the mobile application Atome Loan: Online Lending App, after learning that both were operating without proper authorization.
The regulator said Backoffice Associates was not registered as a financing or lending company and was prohibited from offering loans, while the Atome Loan app was not an authorized lending platform of any SEC-registered entity.
The SEC also noted that the app was using the “Atome” trade name and logo without authorization, which may mislead the public into believing it is affiliated with a legitimate financial service provider.
The commission cautioned that engaging with unregistered lenders exposes consumers to serious risks, including excessive or undisclosed fees, unauthorized access to personal and financial information, abusive collection practices, and fraudulent schemes.
It also reminded the public to transact only with companies duly registered with the commission, and ensure that any online lending platform used is properly recorded.
Consumers who have information on Backoffice Associates Philippines or have been victimized by its operations were encouraged to report the matter to the SEC through its official channels.
