SEC – Zamboanga Extension Office Attorney Rona Santos guested on Kapihan sa PIA and DXPR to share about SEC’s mandate and advocacy.
PAGADIAN CITY, Zamboanga del Sur (PIA) – The Securities and Exchange Commission (SEC)-Zamboanga Extension Office warned the public about the rising threat of the “advance fee scam,” urging borrowers to stay vigilant and emphasizing that awareness and proper action can help prevent it.
“The public must stay alert. If an offer sounds too good to be true, it’s probably a scam. When in doubt, always check with the SEC,” said Securities Counsel II Attorney Rona Santos.
Scammers involved in the “advance fee scam” often pretend to be representatives of legitimate companies. They create fake websites, use fake IDs and promise huge loans or financial services without requiring collateral.
In exchange, they ask for advance payments like processing fees or advance interest. This scheme attracts victims because of the easy process and the large amounts of money offered.
“For January alone, more than five victims have reported to the office. After checking, the SEC found out that the online lending companies involved were not registered,” Santos said.
She explained that because these scammers only operate online, tracking them is difficult, and there are still no advanced tools to identify who is behind these fake platforms.
The SEC advises victims to report such incidents to the National Bureau of Investigation (NBI) or the Philippine National Police (PNP) Anti-Cybercrime Group for proper handling.
Santos emphasized that legitimate and registered lending and financing companies will never ask for advance payments. Instead, processing fees are usually deducted from the loan itself, not collected upfront.
The SEC encourages everyone to stay informed and share this information with others.
“Check with the SEC. If it’s too good to be true, it must be a scam. When in doubt, consult a regulator,” Santos stressed.
Victims may also file a complaint, through the imessage website at https://imessage.sec.gov.ph/ or email at [email protected].
The SEC supervises and regulates all lending and financing companies. To help the public identify legitimate companies, the commission provides a list of registered companies that can be accessed through their official website: https://checkwithsec.sec.gov.ph/check-with-sec/index.
Always verify if a lending company is registered before making any financial transactions. By being aware and spreading the word, we can protect ourselves and others from falling victim to such scams.
(EDT/CCP/JCN/PIA9-Zamboanga del Sur)
