The Securities and Exchange Commission (SEC) has warned the public against two online lending applications allegedly misusing the name and regulatory credentials of SOFI Financing, Inc., as reported by BusinessWorld.
In an advisory, the corporate regulator said SOFI Financing had informed the SEC that the two apps are not owned, operated, maintained, authorized, or affiliated with the company. The unauthorized apps present risks to borrowers, including possible data privacy violations and illegal collection practices.
The SEC advised the public to verify the legitimacy of lending platforms through its official website and to report suspicious applications. The agency reiterated that only registered financing companies and lending platforms are authorized to operate under Philippine law.