PNP, GCash: Lending apps unsafe unless listed with SEC
Leading mobile wallet advises its users to check the list of accredited lending apps by SEC
Financial loans from lending apps have now become a vital source of funds for consumers during emergencies. However, it is important to make sure that the loaner or lending institution is a legitimate company that abides by the standards of the government. This is the warning that the Philippine National Police (PNP) Anti-Cybercrime Group and GCash, the country's leading mobile wallet app, is giving to consumers who are thinking of applying for a loan, to make sure they will not fall victim to scams and that the lending company is a legitimate entity registered with the Securities and Exchange Commission (SEC).
“A lot of people are falling victim into lending schemes, we are reminding the public to be vigilant and beware of these through the tips we constantly send the public via our social media channels and we are happy with the strengthened partnership with GCash for this cybersecurity public service campaign,” says PNP ACG Spokesperson, PCapt Michelle Sabino.
GCash is also a player in the lending space with products such as GCredit, GGives, and GLoan available on its platform which is safe and protected by advanced cybersecurity technology. As of the 1st quarter of 2023, GCash has disbursed more than P70B loan transactions making it one of the most trusted loaners.
"More than just offering secure, convenient and accessible loan products, we at GCash aim to empower our customers with the knowledge and tools to protect themselves against online lending scams. By educating them about the importance of SEC-listed lending apps, we are helping ensure their financial safety," says Fuse Lending CEO , Tony Isidro.
But for those who opt to loan from different lending company, GCash gives a few tips for a safe and secure loan.
The lack of knowledge when it comes to loan applications can lead to scams or falling into the hands of abusive lending companies with dubious interests and can even lead to harassment. To avoid such situations, it’s important to read the fine print and understand the terms and conditions of the app before proceeding. Additionally, it is recommended to exercise due diligence to ensure submitted IDs are sent to legitimate recipients to prevent unauthorized use. It is also wise to refrain from transacting with individuals that they have met only online and to beware of any processing fees, as they often indicate a scam.
By verifying a lending app’s registration with the SEC, users can avoid falling victim to scammers, fraudsters, and cyber-criminals. The list can be viewed on SEC’s website at https://www.sec.gov.ph. If an online lending app is not on the SEC's registered list, it is critical to block and report it immediately.
For lending apps that offers disbursement via e-wallets, GCash reiterates its warning to users never to disclose their MPIN or OTP and to avoid clicking on unknown links from websites, emails, or messaging apps. For assistance, users can contact the PNP-ACG through their hotlines at (02) 8414-1560 or 0998-598-8116, or via email at acg@pnp.gov.ph. To report scams and fraudulent activities, users can also visit the official GCash Help Center at help.gcash.com or message Gigi on the website and type "I want to report a scam." Customers can also reach out to the official GCash hotline at 2882 for inquiries and other concerns.
For more information, visit www.gcash.com.ph.
About Mynt
Mynt is the first and only $5 billion unicorn in the Philippines. It's a leader in mobile financial services focused on accelerating financial inclusion through mobile money, financial services, and technology. Mynt operates two fintech companies: GXI, the mobile wallet operator of GCash — the #1 Finance App in the Philippines, and Fuse Lending, a tech-based lending company that gives Filipinos access to microloans and business loans.
About GCash
GCash is the Philippines’ #1 Finance App and Largest Cashless Ecosystem. Through the GCash App, users can easily purchase prepaid airtime; pay bills via partner billers nationwide; send and receive money anywhere in the Philippines, even to other bank accounts; purchase from over 6 million partner merchants and social sellers; and get access to savings, credit, loans, insurance and invest money, and so much more, all at the convenience of their smartphones. GCash’s mobile wallet operations are handled by G-Xchange, Inc. (GXI), a wholly-owned subsidiary of Mynt, the first and only duacorn in the Philippines.
Mynt and GCash are staunch supporters of the United Nations Sustainable Development Goals (SDGs), particularly UN SDGs 5,8,10, and 13, which focus on safety & security, financial inclusion, diversity, equity, and inclusion as well as taking urgent action to combat climate change and its impacts, respectively.
For more information, please contact:
Bruce Rodriguez, Head of Business Communications
Corporate Communications
Legal Disclaimer & Safe Harbor Statement
This press release is for informational purposes only and does not constitute, or form part of, any offer, solicitation, or invitation to sell, issue, purchase, or subscribe for any securities in the Philippines, the United States, or any other jurisdiction. No securities of Mynt, Inc. have been or will be registered under the U.S. Securities Act of 1933, as amended, and such securities may not be offered or sold in the United States absent registration or an applicable exemption from registration requirements. There will be no public offering of the securities of the Company in the United States. No money, securities or other consideration is being solicited by this document or the information contained herein and, if sent in response to this document or the information contained herein, will not be accepted. Any potential initial public offering and listing in the Philippines, if pursued, remain fully subject to prevailing market conditions and regulatory approvals, including the registration requirements of the Philippine Securities and Exchange Commission and the listing rules of the Philippine Stock Exchange, Inc., and there can be no assurance that any such filings will be made or that any offering or listing will be consummated. This document contains forward-looking statements that involve inherent risks and uncertainties; actual results, timelines, and outcomes may differ materially from those projected due to shifting market dynamics, economic environments, and regulatory updates.
