MANILA, Philippines – The Securities and Exchange Commission (SEC) has warned the public against dealing with several online lending platforms and websites that allegedly misrepresent themselves as being connected to Supreme Money Lending Corp.
In an advisory, the regulator said the online lending platform called “Supreme Money-Cash Loans App,” which is available on the Google Play Store, had been reported for allegedly using the name, branding and representations associated with Supreme Money Lending Corp.
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The SEC said Supreme Money Lending Corp. had informed the Commission that it neither owns nor operates the platforms and websites in question. The company also denied having any authorization, participation or affiliation with their activities.
“The public is reminded that only financing companies and lending companies duly registered with the Commission and with properly disclosed or recorded online lending platforms are authorized to engage in online lending or financing activities through digital channels,” the regulator said.
The SEC urged consumers to exercise caution before engaging with online lending applications, websites, social media pages or individuals claiming to represent financing or lending firms.
It also advised the public not to immediately provide personal, financial or sensitive information, or send money and fees, without first verifying the legitimacy of the entity involved.
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According to the Commission, the unauthorized use of a company’s name, logo, Certificate of Authority details and other regulatory credentials could constitute fraudulent, deceptive or misleading activity.
Such schemes may expose consumers to financial losses, identity theft, unauthorized processing of personal data and other forms of harm.
The SEC encouraged individuals who may have interacted with the platforms to report the matter to the regulator and appropriate law enforcement or cybercrime authorities.
Consumers were also advised to preserve screenshots, transaction records, communications, website links and other evidence. INQ