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With online scams becoming more rampant, make sure that you transact with only legitimate online lenders by checking:

• If they are licensed and registered with the SEC.

• Customer experience and online reviews of the company.

• Their terms and conditions

Scammers are evolving which is why it's important to remain vigilant and protect your personal information and financial accounts. 

How do Fake Online Lenders scam people?

• They ask for initial payment in exchange for a bigger loanable amount.

• They promise immediate and comfortable fortune. 

• They claim affirmation with reputable companies.

Fake online lenders use the names of legitimate lenders like SeaMoney (Credit) and Shopee to collect debt from people. See the example of fake emails below:

Fake Online Lenders target Personal Identifiable Information (PII) such as:

Tips on how to avoid identity theft:

• Only provide sensitive details through secure, trusted channels and institutions.

• Never share images of your government IDs online, as scammers may use them to steal your identity.

• Avoid clicking on links or opening attachments from unknown senders, as they may lead to phishing or malware.

Learn more tips on how to secure your financial account on Shopee.

Report fraud, scams, and abuses related to lending and investment to the following channels:

• SECURITIES AND EXCHANGE COMMISSION

Address: Ground Floor, North Wing Hall, Secretariat Building PICC Complex, Vicente Sotto Street, Pasay City 1307

• Corporate Governance and Finance Department

Email: cgfd_md@sec.gov.ph

SEC i-Messagemo: http://imessagemo.sec.gov.ph

Telephone: (02) 8818 5476; (+63) 9260170248

• Enforcement and Investor Protection Department (Reports related to Investment Scams)

Email: epd@sec.gov.ph

Telephone: (02) 8818-6337; (+63) 961-519-7829;

(+63) 961-684-4088