Date Posted: 30 November 2022
ADVANCE FEE LOAN SCAM
The Commission hereby warns the public that persons or groups of persons
claiming to represent or be connected with a Financing or Lending Company, are
victimizing the public through a scheme called ADVANCE FEE LOAN SCAM OR ADVANCE
FEE LOAN FRAUD where the victims are asked to pay a certain amount in exchange for
the release of the loan. However, upon payment, the loan would not be released or more
reasons will be given to the victim in order to get more funds in exchange for the release
of the amount loaned.
An Advance-fee scam is a form of fraud and one of the most common types of
confidence trick. The scam typically involves promising the victim a significant share of a
large sum of money, in return for a small up-front payment, which the fraudster requires
in order to obtain the large sum. If a victim makes the payment, the fraudster either
invents a series of further fees for the victim or simply disappears.
The public is hereby advised NOT TO TRANSACT with any persons claiming to
represent a Financing and Lending Company that requires them to pay out cash in
exchange for the approval or release of their loans.
Persons who are engaged in these kinds of activities are liable for violation of
Article 315 Swindling (estafa) of the Revised Penal Code (RPC) of the Philippines.
Victims may ask the assistance of the Philippine National Police (PNP) and the
National Bureau of Investigation (NBI) in filing criminal complaints against perpetrators
of these scams.
The public may also send information or reports on persons or entities engaged in
the above-mentioned scheme to the Enforcement and Investor Protection
Department (EIPD) at email at email@example.com and the Financing and Lending
Companies Division at firstname.lastname@example.org.
Makati City, November 29, 2022