Scammers Are All Around in the Social Media - Part 2
Hello again! Just published my article with the same topic.
Nowadays, most Filipinos depend on their meager income to survive. According to the Philippine Statistics Authority's website, "a family with five members needed at least PhP 13,873 per month to meet their minimum basic food and non-food needs in 2023".
I will not focus on the income and expenditures of an average Filipino. What I will share with you is the rampant scamming activities of lending agencies via Facebook. Every individual, whether a retiree or employee, depend on money to sustain until the next budget is available. In order to cope up with the rising prices of basic commodities, fuel and others, the income deriving from pensions and salaries are not enough for the whole average Filipino family. What if you still have children studying? Or having a family member with illness that needs regular medication? The answer to the shortness of finances is to find means by borrowing money from lending agencies.
The problem is most legitimate lending agencies only accept qualified applicants. They only based on your monthly salary when applying for a loan. Some employees are tied up with loans. What they get every payday is just only suitable for a day or two budget. That's the time they will try to borrow from loan apps which charges too much interest, and you will only get a small percentage of the approve loan amount because of excessive processing charges and everything. The problem is when paying the loans where some cannot pay due to unavailability of finances. They suffer harassment from the lender and some even experienced being shamed in social media networks.
Another type of lending agencies who posted their services in Facebook offer big loanable amounts with long term payments. This will encourage a borrower to try. Take note guys, if you experience contacting someone who indulge in lending money in Facebook, you will notice that they will assure you of a loan but only after reviewing your credit capability. I don't know how they do that, but I never tried sending information to them just to try if they can check my credit capability. They will ask for your name and cell number and wait to be called. Other lending agency will ask you a certain processing fee. The amount will go something from P400 to P999. When you send money to them, automatically your conversation stopped. Your now scammed.
Scammers don't have hearts to sympathize your agony and pain during the process. Scammers on Facebook often pose as legitimate lending agencies, promising quick loans with minimal requirements. They just simply disappear after getting the money from the poor loan applicant.
To avoid falling victim to these scams, follow these precautions:
1. Verify the Legitimacy of the Lending Agency
✅ Check for Official Registration – Legitimate lenders must be registered with government agencies (e.g., SEC, BSP in the Philippines, FCA in the UK).
✅ Look for a Physical Address & Contact Information – A real company will have a verified business address and official phone numbers.
✅ Visit Their Official Website – Check if the company has a professional website and not just a Facebook page.
2. Be Wary of Red Flags
🚩 No Background Checks – If they offer a loan without checking your credit history or income, it's likely a scam.
🚩 Upfront Fees – Legitimate lenders do not ask for processing fees before disbursing loans.
🚩 Too-Good-to-Be-True Offers – Extremely low interest rates or instant approvals are often bait for scams.
🚩 Pressure Tactics – Scammers push you to make quick decisions to prevent you from verifying their legitimacy.
3. Protect Your Personal Information
🔒 Never Share Sensitive Details – Scammers may ask for ID photos, bank details, or OTPs. Avoid providing this info online.
🔒 Use a Separate Email for Financial Transactions – This minimizes exposure to phishing attempts.
4. Read Reviews and Complaints
🔎 Check Reviews & Feedback – Search for the lender’s name followed by "scam" or "complaints" to see if others have reported them.
🔎 Ask in Local Finance Groups – Facebook groups discussing financial matters may have insights on the lender.
5. Report & Block Suspicious Lenders
🚨 Report the Page to Facebook – Click on the three dots (…) on their page, select "Find Support or Report Page," and choose "Scams & Fraud."
🚨 Warn Others – If you encounter a scam, share your experience in relevant groups or forums.
I hope this will serve as a tip and info to everyone. Please don't fall a victim to scammers in the social media.
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