Beware of lending scams on social media: SEC

ABS-CBN News

Posted at Aug 21 2017 03:44 PM | Updated as of Aug 21 2017 05:10 PM

MANILA - The Securities and Exchange Commission has renewed its warning to the public against lending scams on Facebook, Twitter and other social networks.

The fake lenders allegedly dupe borrowers into disclosing personal information and paying a "processing fee," the SEC said in an advisory last Aug. 18.

"However, after depositing the money, the companies close all communication threads with the borrowers and delete all negative comments against them," the agency warned.

The SEC asked the public to check if the lending firm is registered with regulators before transacting with them.