Public warned about loan scams

MANILA, Philippines — The Cybercrime Investigation and Coordinating Center (CICC) on Saturday warned the public about the proliferation of loan scams through social media and text messages that spoof financial institutions.

CICC executive director Alexander Ramos said scammers are offering “too good to be true” loans with low-interest, fast approval and a simple process.

“We are reiterating our appeal to the public never to click links attached to SMS (short message service). Banks will never send clickable links through SMS or email,” he added.

One loan scam monitored by the CICC spoofed the Bank of Philippine Islands (BPI) to make it appear that the offer came from a legitimate source.

The message would usually contain a link to a page that would allow the scammer to steal personal and banking information.

CICC said BPI has confirmed that the circulating message, which supposedly came from “BPILoan,” is a scam.

“If there’s a link, don’t overthink. Scam ‘yan,” the bank said in an advisory.

Ramos advised the public to directly contact banks or other legitimate lending institutions when applying for a loan.

“This process may take some time and you may be asked to submit certain requirements. But that is the legitimate way of applying for a loan,” he added.

The agency encouraged victims of loan scams and other cybercrimes to call the Inter-Agency Response Center hotline 1326.