The Department of Migrant Workers (DMW) has issued a warning to overseas Filipino workers (OFWs) regarding the rise of loan scams targeting them on social media platforms like Facebook.
In a Facebook post on Wednesday, the DMW emphasized its collaboration with the Securities and Exchange Commission (SEC) to enhance protections for OFWs against fraudulent lending companies. The agency cautioned, “Mga OFWs, mag-ingat sa mga pekeng pautang sa Facebook! Nanghihingi ng bayad bago magpautang? Scam yan!” (To our OFWs, beware of fake loans on Facebook! Asking for payment before granting a loan? That’s a scam!)
The DMW noted that these scams are proliferating, with fake financing companies luring victims by promising quick loans in exchange for upfront fees, only to vanish without disbursing any funds. It reiterated that legitimate lenders do not require any payment prior to loan approval.
Additionally, the SEC urged the public to utilize the SEC Check App to verify financial entities before engaging with them.
