SEC warns against two Finbro apps

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.

In an advisory, the corporate regulator said SOFI Financing had informed the SEC that the applications are not owned, operated, maintained, authorized, or affiliated with the company.

The SEC identified the applications as Finbro: Financial Focus and Finbro PH – Personal Finance, both available on the Google Play Store.

“Records of the Commission show that Finbro.PH is the online lending platform (OLP) reported to and recorded with the SEC as being operated by SOFI Financing, Inc.,” the SEC said.

“Pursuant to the company’s report submitted to the Commission, Finbro: Financial Focus and Finbro PH – Personal Finance are not owned, operated, maintained, authorized, or affiliated with SOFI Financing, Inc., and the company has disclaimed any participation in or connection with the operation of the foregoing applications,” it added.

The SEC reminded the public that only financing and lending companies registered with the Commission and operating through properly disclosed or recorded online lending platforms are authorized to provide 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 personal information, identity theft, harassment, and other forms of consumer harm.

The SEC urged the public to verify the legitimacy of online lending platforms before providing personal information, applying for loans, or entering into financial transactions.

It also encouraged individuals who may have dealt with the identified applications to report the matter to the SEC and law enforcement or cybercrime authorities, while preserving relevant evidence such as screenshots, application links, transaction records, receipts, and communications. — Alexandria Grace C. Magno