SEC flags fraudulent sites posing as MocaMoca
MANILA, Philippines — The Securities and Exchange Commission (SEC) warns the public against fraudulent online lending platforms and mobile applications allegedly posing as licensed lender Copperstone Lending Inc. and its MocaMoca brand.
In an advisory on Monday, the SEC’s Financing and Lending Companies Department (FinLenD) said several suspicious websites, mobile applications, and social media pages were reportedly misrepresenting themselves as affiliated with or authorized by Copperstone Lending.
According to the regulator, the reported activities involve the unauthorized use of the company’s corporate identity and branding, operation of counterfeit lending applications, possible phishing activities, and unauthorized collection of personal information.
READ: Watchdog warns vs investment, lending fraud
Abusive collection
The SEC also cited alleged harassment and abusive collection practices, misleading representations to borrowers, misuse of consumer data, and unauthorized financial transactions linked to the suspicious platforms.
According to the advisory, Copperstone Lending received complaints from consumers regarding threats, suspicious loan applications, and fake lending platforms falsely claiming ties to MocaMoca.
The company’s internal verification reportedly found that some mobile numbers and transactions involved in the complaints were not reflected in its official records and systems.
The regulator also flagged an unregulated iOS application allegedly using the MocaMoca branding.
In response, the SEC urged the public to exercise extreme caution when dealing with online lending platforms, websites, and mobile applications claiming to represent financing or lending firms.
Verify company registration first
The agency reminded borrowers to verify first whether a financing or lending company was duly registered and authorized to operate. It also advised the public to avoid suspicious links, refrain from sharing sensitive information, and be wary of entities that require advance fees before loan releases.
The SEC further encouraged consumers to report suspicious online lending activities, phishing schemes, and abusive collection practices to authorities.
Separately, the SEC requested assistance from the National Telecommunications Commission (NTC) in evaluating and taking appropriate action against the reported websites and platforms.
In its letter to the NTC, the SEC warned that the alleged activities could expose consumers to online fraud, phishing attacks, misuse of personal information, and unauthorized digital financial transactions.
The regulator said it would continue to coordinate with relevant government agencies and digital platforms regarding reports of fraudulent online lending activities and unauthorized use of corporate identities. /atm
