SEC warns vs impersonation in loan schemes

THE Securities and Exchange Commission (SEC) has warned the public against individuals and online platforms impersonating registered companies to offer unauthorized loan products.

In separate advisories, the corporate regulator identified entities falsely claiming affiliation with Micropinnacle Technology Corp., Project Duo Integrated Communications Corp., and Carmen Credit 888 Corp. to carry out unauthorized lending activities.

Based on reports received, the SEC said some individuals have been using the name of Carmen Credit 888 Corp., along with fake logos, social media accounts, and unauthorized online platforms, to promote lending schemes involving advance-fee payments.

The SEC clarified that these actors are not affiliated with the company and are not authorized to offer loan services. It also noted that Carmen Credit 888 Corp. does not require advance payments for loan releases.

The regulator also flagged a website that claims affiliation with Project Duo Integrated Communications Corp. and offers loan products and financial services. The SEC said the site is not owned, operated, or connected to the company, and that its claims are false and misleading.

Meanwhile, the SEC warned the public against unregistered online lending platforms “Peso Maya” and “Pesolending,” which have been using the name of Micropinnacle Technology Corp. The company denied any connection to these platforms, saying it neither owns, operates, nor authorizes them.

The SEC said these platforms are unregistered and may pose risks to the public, advising individuals not to transact with them or share personal data, and to report suspicious activity to authorities.

In a statement on Friday, the Commission reminded the public to verify lending companies before engaging with them, avoid sending payments or personal information to unregistered or suspicious entities, and report complaints through its hotline or the SEC iMessage Portal. — Alexandria Grace C. Magno