SEC warns public on 'advance fee' scam

By Aric John Sy Cua

Jun 30, 2024 12:09 am

THE Securities and Exchange Commission (SEC) warned the public on individuals pretending to be registered lending or financing companies who are pretending to offer loans but are asking for an 'advance fee' from the borrower.

These lending companies would advertise themselves on social media to attract prospects. Those who are interested would chat with an agent who would then ask for the requirements such as ID, bank account/e-wallet, etc.

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