SEC warns public vs fake Tala Financing

MANILA, Philippines — The Securities and Exchange Commission (SEC) is warning the public against a fraudulent Facebook page that impersonates Tala Financing Philippines Inc., a financing company registered with and regulated by the commission.

In an advisory, the SEC said that the fake Facebook page, which pretends to offer loan products to the public, falsely uses the name, logo and branding of Tala Financing.

The commission said the legitimate Tala Financing has categorically denied any connection with the said page.

According to the SEC, the scheme bears the hallmarks of a well-documented online lending scam which is deliberately designed to exploit borrowers by misrepresenting affiliation with a registered financing company and creating a false sense of legitimacy.

Thus, the commission urged the public not to transact, remit any amount, submit documents or share personal, financial or identification details with any entity or individual operating through the said Facebook page, as any engagement exposes the consumer to a high risk of financial loss, identity theft, data misuse and other forms of fraud.

“The commission categorically cautions the public that any loan offers, solicitations, payment instructions or requests for personal or sensitive information coursed through the subject Facebook page are unauthorized, deceptive and indicative of a fraudulent scheme,” the SEC said.

“These acts are not sanctioned by the SEC and are not part of Tala Financing Philippines Inc.’s legitimate operations,” it said.

The SEC said that legitimate financing and lending companies do not solicit borrowers exclusively through social media pages and do not require advance fees prior to loan disbursement.

Further, they do not collect sensitive personal information through informal messaging platforms.

Any transaction exhibiting the foregoing red flags should be treated as presumptively fraudulent, the commission said.