SEC warns public vs fake PIPO Financing website
The Securities and Exchange Commission (SEC) has warned the public against an unauthorized website that falsely presents itself as the online platform of licensed financing company PIPO Financing (PH), Inc., saying the site is not connected to the company and may be used to deceive borrowers.
In a public advisory, the SEC identified pipofinancing.com as an unauthorized website that unlawfully uses and misrepresents the corporate identity and registration details of PIPO Financing (PH), Inc.
The regulator said the company had formally informed the SEC that it does not own, operate, manage or authorize the website.
PIPO likewise denied any affiliation with its operations and stressed that it had never authorized any individual or entity to use its corporate name, SEC registration number, certificate of authority, business address or other identifying information in connection with the site.
According to the SEC, screenshots of the website show it displaying PIPO Financing’s corporate information, giving users the false impression that it is the company’s legitimate online lending platform.
The Commission urged consumers to exercise caution when dealing with online lending websites, mobile applications, social media pages and other digital platforms, noting that fraudsters often impersonate duly licensed financing and lending companies by using legitimate corporate information to trick borrowers.
