SEC Issues Warning Against Fraudulent Online Lending Platforms
SEC warns vs ‘Supreme Money’ quacks

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The Securities and Exchange Commission (SEC) of the Philippines has issued a warning about fraudulent online lending platforms misrepresenting themselves as affiliated with Supreme Money Lending Corp. Consumers are advised to verify legitimacy before engaging with such services.
- 01The SEC cautioned against the 'Supreme Money-Cash Loans App' on the Google Play Store, which falsely claims affiliation with Supreme Money Lending Corp.
- 02Supreme Money Lending Corp. has denied any connection to these platforms and their activities.
- 03The SEC emphasized that only registered financing and lending companies are authorized to conduct online lending activities.
- 04Consumers should avoid sharing personal or financial information without verifying the legitimacy of the lender.
- 05Individuals who have interacted with these platforms are encouraged to report to the SEC and preserve evidence of their interactions.
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The Securities and Exchange Commission (SEC) in the Philippines has alerted the public about various online lending platforms falsely claiming to be associated with Supreme Money Lending Corp. Specifically, the 'Supreme Money-Cash Loans App' available on the Google Play Store has been reported for misusing the company's name and branding. Supreme Money Lending Corp. clarified that it does not operate these platforms and has no affiliation with their activities. The SEC reminded consumers that only registered financing and lending companies are authorized to engage in online lending. It urged individuals to exercise caution, refrain from providing personal information, and verify the legitimacy of any lending service before engaging. Unauthorized use of a company’s name or credentials can lead to fraudulent activities, exposing consumers to risks such as identity theft and financial loss. The SEC has encouraged anyone who has interacted with these platforms to report their experiences to the appropriate authorities and to keep evidence of their transactions and communications.
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The warning aims to protect consumers from potential financial losses and identity theft due to fraudulent online lending practices.
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