The Securities and Exchange Commission (SEC) is warning the public against entities misusing the names of the Bangko Sentral ng Pilipinas (BSP) and legitimate companies in connection with advance fee scams.
The commission said it has received reports that certain individuals have been invoking the BSP logo, name and personnel as well as the name of UNA Financing Corp. to lend an appearance of legitimacy to their activities.
The SEC said the BSP has clarified that it has no connection with such activities and that the misuse of its logo was unauthorized.
‘The SEC joins the BSP in reminding the public to exercise vigilance when dealing with individuals or entities claiming any connection with legitimate financing companies or government regulators,’ the commission said in an advisory.
UNA Financing has also denied involvement in the alleged fraudulent activities, asserting that its lending procedures do not resemble the methods described in the complaints.
‘While the SEC continues to monitor any related reports, no verified violations under the Securities Regulation Code or the Lending Company Regulation Act have been established against the company based on the information available to date,’ the commission said.
The SEC said that it appears that the name of UNA Financing has also been used without authorization, consistent with the BSP’s findings.
As such, the commission urged the public to exercise independent verification before engaging in any financial transaction.
The SEC said that misrepresentation of government agencies or legitimate companies constitutes a serious violation of law and may be subject to criminal, civil or administrative action.
The commission likewise reiterated its warning against advance fee scams, wherein victims are promised loans, investments or prizes in exchange for the payment of an advance or processing fee.
These fraudulent solicitations are commonly conducted through text messages, emails or social media by persons misrepresenting legitimate institutions.
The commission urged the public not to remit money or share personal information with unverified parties and to ensure that entities offering loans or investments are duly registered and licensed by the appropriate regulatory authorities.
‘The SEC enjoins the public to stay vigilant, verify before transacting and immediately report suspicious activities to proper authorities,’ it said.