Received a loan offer from someone claiming to represent Bestloan Finance and Leasing Inc.? Verify it before sending any money.
The Securities and Exchange Commission has warned borrowers against an impostor allegedly using falsified notarized loan contracts to collect advance processing fees.
According to reports received by the SEC, the individual introduced himself as “Urise Loteryo Lean” and instructed prospective borrowers to send money to GoTyme account number 012014089439.
The regulator identified the scheme as an advance-fee loan scam—a modus in which fraudsters promise victims access to a larger sum in exchange for a smaller upfront payment.
After receiving the money, the scammer may demand additional fees or simply disappear. The SEC warned that payments made through wire transfers, money orders, bitcoin or other cryptocurrencies are often difficult to recover.
Bestloan reported the impersonation scheme to the SEC and denied owning, operating or authorizing the Facebook page used to contact prospective borrowers.
The company said loan offers, collection demands, payment instructions and other messages from the fake page were not issued or authorized by Bestloan.
The SEC also clarified that Bestloan is not connected or affiliated with the individual behind the reported scam.
Borrowers should verify loan offers through a company’s official channels before sharing personal information or paying any fee.
Anyone with information about the scheme may file a report through imessage.sec.gov.ph or contact the SEC’s Enforcement and Investor Protection Department.
