Global Fintech Firm Tala Shares Tips to Avoid Lending Scams

Learn how to identify illegal practices and protect yourself online with these tips to avoid scams from global financial technology firm Tala.

Global Fintech Firm Tala Shares Tips to Avoid Lending Scams (1)
  • Global fintech firm Tala supports President Bongbong Marcos Jr.’s call for vigilance against scams and is actively promoting financial literacy.
  • Tala takes measures to educate borrowers on identifying illegal lending practices, emphasizing collaboration with regulators and digital and financial literacy.
  • Tala provides tips to avoid scams: deal with registered companies, read reviews, avoid sharing sensitive information, be wary of suspicious messages and callers, be aware of borrower rights, and stay informed through reliable sources like government and banks.

Aiming to support ‌President Ferdinand “Bongbong” Marcos Jr.’s call for vigilance against scams, global financial technology firm Tala shared its expertise and provided some ways to avoid scams in the fintech industry.

Tala on Lending Scams

The firm, being a lending platform, expressed that it is taking proactive measures to educate borrowers and the general public on how to identify illegal lending practices, which is essential.

For Tala Senior Director for Global Customer Experience Operations Iona Iñigo-Mayo, while borrowers are often in a precarious financial situation, they are intelligent and resourceful enough to manage their finances and repay their loans.

“That’s why we continuously provide them with information about how to spot scams. We believe that, with the right information at the right time, borrowers can make informed decisions about their finances and protect themselves from predatory lending practices,” Iñigo-Mayo added.

Accordingly, Tala External Affairs Director Atty. Arianne Ferrer, spearheaded the press conference for the INDX3.0 and 2023 Law x Tech Summit : Creating What’s Next in Digital which was held last August 7–8, 2023. 

She discussed the key components to successfully combat predatory lending practices; collaboration with regulators and digital and financial literacy.

“President Marcos Jr. has said that the best protection against scams is to be knowledgeable about them. Tala is committed to spreading financial literacy and helping consumers get the best offers without being scammed,” Tala wrote in a statement, noting that it offers resources to help borrowers learn about loans and scams, and works with government agencies to stop illegal lending.

Tips to Avoid Scams by Tala

Deal with registered companies 

To avoid scams, Tala stressed that borrowers should only interact with financial and lending companies that are registered and regulated by the Bangko Sentral ng Pilipinas (BSP) and Securities and Exchange Commission (SEC). 

Read reviews from other borrowers before downloading an app.

To get an insider’s perspective on a lender’s reputation and customer service, check online reviews, ask friends or family for recommendations, and check Google Play or Apple Store ratings and reviews.

Never share sensitive information. 

To avoid identity theft, the public is advised not to share sensitive information such as their full name, contact number, password, and one-time PIN for digital banking apps with anyone.

Be wary of suspicious messages. 

To stay safe online, avoid reading and clicking on suspicious text messages, online messages, and emails from unknown individuals and organizations. Only interact on official mobile applications, websites, and social media pages that are verified by a check mark or similar symbol.

Be cautious of unfamiliar callers. 

Tala reminds people to be cautious when picking up calls, especially from unknown or international numbers, as scammers can fake their caller ID to make a person call back a high-cost number. It was also noted that one must verify the caller’s identity first before sharing personal details or making payments.

Be aware of your rights as a borrower. 

Accordingly, Tala highlights that the BSP’s Financial Consumer Protection Framework requires financial providers to conduct ethical business practices and refrain from engaging in practices that may harm consumers. 

Borrowers who believe they have been abused, deceived, or defrauded may file complaints with the BSP’s Consumer Assistance Channels or the SEC’s Complaints Page.

Be vigilant and stay informed. 

To protect themselves from fraudulent scams, users should stay updated on emerging technology and fraudulent scams like phishing and vishing through news, warnings, and guidelines from the government, banks, and other reputable institutions. 

Tala noted that the BSP guidelines on these subjects are thorough, user-friendly, and helpful.

Tala in Web3

In 2022, Tala General Manager, Donald Evangelista, shared his plans for the company’s future, including exploring blockchain and cryptocurrency. Evangelista, a data science expert, aims to use these technologies to enhance Tala’s infrastructure and expand its financial services to underbanked customers at lower fees.

This article is published on BitPinas: Global Fintech Firm Tala Shares Tips to Avoid Lending Scams

Disclaimer: BitPinas articles and its external content are not financial advice. The team serves to deliver independent, unbiased news to provide information for Philippine-crypto and beyond.

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