SEC flags fake Streetcorner Finance page
The Securities and Exchange Commission (SEC) has warned the public against a Facebook page allegedly using the identity of financing firm Streetcorner Finance Co. Inc. (SFCI) to promote unauthorized online loans.
In an advisory, the corporate regulator said the Facebook page uses the name “Streetcorner Finance Co Inc” and represents itself as being connected with the legitimate company while offering loans to the public.
SFCI, however, told the SEC that it has no ownership, operation, control, authorization, endorsement or affiliation with the page, its operators or their activities.
The company also disavowed claims that the Facebook account was operated by or acting on behalf of SFCI.
Based on materials submitted to the regulator, the page used SFCI’s name in posts promoting online loans.
The advertisements could give consumers the impression that the account was a legitimate or authorized channel of the company, the SEC said.
The regulator stressed that the use of the name, logo, corporate identity or other identifying information of a registered financing or lending company on social media does not necessarily mean the account is authorized by that company.
Consumers should also avoid paying membership, processing, insurance, verification or advance fees based solely on representations made through unverified social media accounts. They are likewise urged to refrain from sharing personal, financial or sensitive information through such channels.
Those who have been contacted by or have transacted with the Facebook page were encouraged to report the matter to the SEC and, when appropriate, law enforcement or cybercrime authorities.
“The commission reiterates that the public should transact only with duly registered financing and lending companies and should verify their official online channels through the SEC’s official website and other official SEC channels,” the regulator said.
