BIZ BUZZ: SEC gets antiscam prize

In the past year, the Securities and Exchange Commission’s (SEC) website has been peppered with warnings against fake loan schemes, as there seems to be a new scammer sprouting every week.

And, just as expected, the corporate watchdog has been recognized for doing exactly what it is mandated to do.

Earlier this month, no less than the Presidential Communications Office recognized the SEC for “its exemplary initiative to inform, educate and protect the public from fraudulent loan schemes.”

For capitalizing on our digital attention span through its Advance Fee Loan Scam FAQ reel series, the SEC became the very first awardee of the Parangal: Gawad sa Kahusayan sa Komunikasyong Pampubliko, besting four other government agencies in the category.

As you may have guessed, or seen yourself, the project answered some frequently asked questions about an emerging scheme that the SEC says “trapped borrowers into paying advance fees before the payout of loans.” Yes, there is no such thing!

See Also

Alternergy’s Tanay wind park gets P2B more funds

“The Parangal we received serves as a testament to our unwavering efforts to inform, educate and engage the public to help them realize their entrepreneurial aspirations, guide them toward smart investing, and protect them from fraud in order to secure their financial future,” SEC chair Emilio Aquino said in a statement on Thursday.

If this is your first time hearing about the supposed advance fees, maybe now’s the time to watch the SEC’s series on it. And expect more warnings!