The Securities and Exchange Commission (SEC) Cebu has issued a warning to overseas Filipino workers (OFWs) and teachers about the rising threat of loan scams targeting these financially stable groups.
According to SEC-Cebu Director Atty. Sheara Lupango-Tamayo, scammers exploit the financial capability and trust of these vulnerable sectors, using deceptive strategies to lure victims through social media platforms.
Loan scams typically begin with initial contact through social media, where victims are asked to pay various fees, including processing, delivery, and transfer charges.
Tamayo revealed that scammers often advertise enticing offers of easy loans through websites and mobile apps to attract victims.
Once victims remit significant amounts of money, the promised loans are never delivered, and scammers abruptly cut off all communication.
The director emphasized that teachers are particularly vulnerable to these schemes due to their steady income, making them prime targets for fraudsters.
Tamayo urged the public to remain vigilant, verify loan offers, and report suspicious activities to authorities to prevent falling prey to such scams.
