The Securities and Exchange Commission (SEC) has cautioned the public about an unauthorized Facebook page using the name PondoCash. The page had been reported for allegedly using the identity and details of Empire Peak Lending Investors Inc. without permission.
Empire Peak legally runs online lending platforms named Pondocash and Peranyo, but confirmed to the SEC that it does not own, manage, authorize, or have any connection to the reported Facebook page.
Under SEC rules, only financing and lending companies registered with the commission, with properly recorded online lending platforms, are allowed to offer loans through digital channels. The SEC said that unregistered or unauthorized platforms are not recognized and may be running fraudulent or illegal activities that harm borrowers.
Using a registered firm’s name or identity without permission can expose people to serious risks, including fake loan schemes, illegal payment collection, identity theft, misuse of personal data, and other financial or online fraud.
The SEC urges the public to be careful and check the legitimacy of any online lending platform, website, app, social media page, or person claiming to represent a lending company. People should not share personal, financial, or sensitive information, nor send money or fees, unless they have independently confirmed that the entity is real and authorized to operate.
