THE Securities and Exchange Commission (SEC) has warned the general public against two online lending applications allegedly misusing the name and regulatory credentials of SOFI Financing, Inc.
In an advisory, the company regulator said SOFI Financing had informed the SEC that the applications aren’t owned, operated, maintained, authorized, or affiliated with the corporate.
The SEC identified the applications as Finbro: Financial Focus and Finbro PH – Personal Finance, each available on the Google Play Store.
“Records of the Commission show that Finbro.PH is the net lending platform (OLP) reported to and recorded with the SEC as being operated by SOFI Financing, Inc.,” the SEC said.
“Pursuant to the corporate’s report submitted to the Commission, Finbro: Financial Focus and Finbro PH – Personal Finance aren’t owned, operated, maintained, authorized, or affiliated with SOFI Financing, Inc., and the corporate has disclaimed any participation in or reference to the operation of the foregoing applications,” it added.
The SEC reminded the general public that only financing and lending corporations registered with the Commission and operating through properly disclosed or recorded online lending platforms are authorized to supply digital lending services.
It said the unauthorized use of a registered company’s name, logo, trade name, certificate of authority, business identity, or other regulatory credentials could mislead consumers into believing that a platform is operated or endorsed by a legitimate SEC-regulated entity.
The regulator warned that transacting with unauthorized online lending platforms could expose consumers to financial losses, unauthorized collection or processing of non-public information, identity theft, harassment, and other types of consumer harm.
The SEC urged the general public to confirm the legitimacy of online lending platforms before providing personal information, applying for loans, or moving into financial transactions.
It also encouraged individuals who could have handled the identified applications to report the matter to the SEC and law enforcement or cybercrime authorities, while preserving relevant evidence reminiscent of screenshots, application links, transaction records, receipts, and communications. — Alexandria Grace C. Magno