Unregistered lending apps are “skin walking” as legitimate digital banks to harvest your data and trap you in high-risk loans.
Digital banking giants Maya and Atome have warned their users against impostor apps on the iOS App Store.
These unregulated loan apps endanger users’ personal and financial information, leaving them exposed to potential harassment and security risks.
‘Maya Loan’ impostor
An app on the iOS App Store by the name of “Maya Loan” is copying the look of the official Maya app, claiming to offer loans of up to ₱96,000 in just minutes.
The app is operated by a company named Pentatech based in Makati City, which also runs an app by the name of Mabilis Cash—bearing a turquoise-colored logo and interface.
Maya Loan, Mabilis Cash, and Pentatech are not registered with the Securities and Exchange Commission (SEC).
SEC registration permits companies to legally issue or offer securities and ensures adherence to financial regulations, assuring safety and security for clients’ sensitive information.
Maya does official business through Maya Philippines, Inc. and Maya Bank, Inc. Its official apps on the iOS App Store and Google Play Store are simply named “Maya.”
Fake Atome app bears wrong color
Meanwhile, an Atome impostor app is misleading customers into giving their sensitive information.
The impostor is named “Atome Loan” with a brown logo and interface. The legitimate Atome app is simply named “Atome PH” and carries a yellow and black logo and layout.
The fake app is operated by BackOffice Associates, which now does business under the name Syniti. The company is not authorized to trade securities or provide loans, as per the Securities and Exchange Commission (SEC).
Atome PH does business under Neuroncredit Financing Company, Inc., which is regulated by the SEC.
The SEC warns users against transacting with unregistered and unauthorized lending apps and companies, as this exposes personal and financial information to risks of fraud and misuse.
These unregulated loan apps endanger users’ personal and financial information, leaving them exposed to potential harassment and security risks.
