Copperstone Lending Inc. expressed support for the Securities and Exchange Commission’s (SEC) intensified crackdown against unauthorized online lending platforms, fake Facebook pages, and copycat mobile applications impersonating legitimate lending brands.
The company said the recent advisory issued by the SEC highlights a growing problem involving fraudulent online entities that misuse established lending brand names to deceive borrowers and collect sensitive personal information.
Among those identified in the advisory were several fake Facebook pages and unauthorized websites using variations of its “MocaMoca” brand name, including pages labeled “Moca Moca – fast peso loan app,” “Moca Moca – Online Loan App,” “MocaMoca – Quick Cash Loan App,” and “MocaMoca – Loan app philippines.”
Copperstone Lending clarified that these pages and websites are not connected to the legitimate MocaMoca mobile application available on the Google Play Store and warned that impersonation schemes can damage both consumers and duly registered lending companies.
“The proliferation of fake pages and copycat online lending entities creates confusion among borrowers and unfairly affects legitimate operators that comply with Philippine regulations,” said Copperstone Lending Inc. CEO, David Balamon.
“We support the SEC’s ongoing efforts to protect consumers and crack down on unauthorized operators abusing legitimate brand names,” he added.
“Responsible and compliant lending platforms should not be associated with fraudulent actors seeking to exploit borrowers online,” Balamon stressed.
Copperstone Lending urged the public to verify whether an online lending platform is authorized before submitting personal information or downloading applications. Borrowers were also advised to transact only through official websites, verified social media pages, and legitimate app marketplace listings.
Consumers may verify and follow the official Copperstone Lending and MocaMoca channels through the company’s verified @CopperstonePH Facebook page and official customer support channels. The public is likewise encouraged to confirm whether an online lending platform appears in the SEC’s official list of recorded Online Lending Platforms (OLPs).
The company emphasized that stronger industry cooperation between regulators, technology platforms, and legitimate lending firms is necessary to combat online impersonation, fake advertisements, and financial scams proliferating on social media.
The SEC has repeatedly warned the public against dealing with unauthorized online lending platforms and encouraged consumers to report suspicious pages, applications, and websites involved in illegal lending activities through the SEC iMessage Portal, the SEC official website, or hotline 14732.
ADVT.
This article is brought to you by Copperstone PH.