SEC flags fake Facebook page impersonating a lending firm

THE Securities and Exchange Commission (SEC) has warned the public about a fraudulent Facebook page falsely claiming to represent H.K.K. Lending Co., Inc., a financing firm registered with the SEC.

In an advisory, the regulator said the page is using the company’s name, logo, and branding without authorization and is allegedly offering loan services through social media, redirecting users to messaging platforms such as Telegram.

“Based on the company’s confirmation, H.K.K. Lending Co., Inc. does not transact or deal with clients through online platforms, messaging applications, or other digital modalities. The company said its legitimate transactions are conducted only in person at its official principal address,” the SEC said.

“The legitimate company has categorically denied any connection with the said page,” it added.

The SEC emphasized that these activities are unauthorized and not part of the company’s legitimate operations.

The public is advised not to transact, send money, submit documents, or share personal, financial, or identification information with entities operating through the said Facebook page.

Engagement with the page may expose users to risks such as financial loss, identity theft, data misuse, and other forms of fraud, the Commission said.

“This scheme bears the hallmarks of a well-documented online lending scam, deliberately designed to exploit borrowers by misrepresenting affiliation with a registered financing company and by creating a false sense of legitimacy,” it added.

The SEC also reminded the public to watch for common red flags of online lending scams, including fake or unverified social media pages, unsolicited loan offers, requests for advance fees, and instructions to send payments through personal or untraceable accounts.

It added that legitimate lending companies do not operate solely through social media, do not require advance fees, and do not collect sensitive information through informal messaging platforms.

Transactions showing these signs should be considered likely fraudulent, the SEC noted.

BusinessWorld could not reach H.K.K. Lending Co. for comment, as no public contact information was available. — Alexandria Grace C. Magno