The Securities and Exchange Commission (SEC) is warning the public against dealing with a fake entity posing as the legitimate Philippine Investment Funds Association (PIFA) on Facebook and CT Loan Cash Loan and Credit Company.
The SEC said the public should not buy into the investment scheme offered by the fake PIFA Facebook account named "PHILIPPINE INVESTMENT FUNDS ASSOCIATION (PIFA)" as it is not registered with the Commission.
The fake account, which is not in any way related or connected to the legitimate PIFA, lures the public to invest money between P1,000 up to P50,000, with a promise of a guaranteed profit ranging from 250 percent to 340 percent for only four days, purportedly to be invested in the stock market.
Aside from the whopping guaranteed return, the fake PIFA also offers a referral bonus to its members equivalent to 15 percent of the amount they invested.
Meanwhile, the Commission also advised the public against transacting with CT Loan Cash Loan and Credit Company, which uses the webpage CT Link, as it is not registered as a lending company and is not authorized to operate an online lending platform.
The advisory came following a report from a registered company named CT Link Systems, Inc. (CTLSI) that the CT Link webpage, representing itself to be owned and operated by the corporation, is engaged in lending without authority from the Commission.
Last May 1, 2024, a "CT Loan and Cash Loan Credit" application was reported and taken down from the Apple App store after the CTLSI received public complaints of harassment from collectors in relation to the loan availed using the app.
The app was advertised to be owned by CTLSI and its webpage contained the address and telephone number of the company.
However, CTLSI is not engaged in the business of lending, developing online applications, and is not involved with CT Loan Cash Loan and Credit Company.