The Securities and Exchange Commission (SEC) issued a public advisory on Tuesday, March 31, 2026, warning the public against dealing with Backoffice Associates Philippines and the mobile application "Atome Loan: Online Lending App." The SEC stated that Backoffice Associates Philippines is not registered and lacks the authorization to operate as a financing or lending company in the Philippines. Similarly, the "Atome Loan" app is not a recorded or authorized online lending platform (OLP) of any SEC-registered entity and is reportedly using the "Atome" name and logo without permission.
Unregistered Lending Companies Pose Significant Risks to Consumers
The SEC emphasized the dangers of engaging with unregistered lending platforms, highlighting potential risks such as hidden charges, misuse of personal data, abusive collection practices, and possible fraud. The advisory strongly urges the public to exercise extreme caution and refrain from transacting with Backoffice Associates Philippines and the "Atome Loan" application.
Details of the SEC Public Advisory
The public advisory explicitly states that Backoffice Associates Philippines is not registered with the SEC as a financing company or lending company, and therefore, it is not authorized to engage in financing or lending activities. Furthermore, SEC records indicate that the "Atome Loan" mobile application, available on the Apple App Store, is not a recorded or authorized OLP of any SEC-registered financing or lending company.
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The SEC also received information that the "Atome Loan" application is using the "Atome" trade name and logo without authorization, which could mislead the public into believing it is affiliated with a legitimate and duly authorized financial service provider. This unauthorized use of a recognized brand raises concerns about potential deception and further underscores the risk to consumers.
Potential Risks of Dealing with Unauthorized Lending Platforms
The SEC outlined several significant risks associated with engaging with unregistered and unauthorized lending entities. These risks include:
- Imposition of excessive and undisclosed charges.
- Unauthorized access to personal and financial data.
- Abusive and unfair debt collection practices.
- Fraudulent or deceptive schemes.
These risks can have severe financial and personal consequences for borrowers, highlighting the importance of verifying the legitimacy of lending companies before engaging in any transactions.
SEC Urges Verification and Provides Resources
The SEC reminds the public to transact only with financing and lending companies duly registered with the SEC and to ensure that the online lending platform being used is properly recorded with the Commission, in accordance with existing rules and regulations. To facilitate verification, the SEC provides the following platforms:
- SEC Check App (available on mobile devices).
- SEC website: https://www.sec.gov.ph.
- SEC Hotline: 14732 (1-4SEC).
Reporting Unauthorized Operations to the SEC
The SEC encourages anyone with information regarding the operations of Backoffice Associates Philippines or the "Atome Loan" application, or who has been a victim of their activities, to report the matter to the SEC through its official channels. These channels include:
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- SEC Hotline: 14732 (1-4SEC)
- SEC iMessage Portal: https://imessage.sec.gov.ph/
- SEC Official Website: https://www.sec.gov.ph
Reports from the public are crucial in helping the SEC identify and take action against unauthorized lending operations.
List of Recorded Online Lending Platforms
As of March 13, 2026, the SEC provided a list of financing and lending companies recorded with the SEC and their Online Lending Platforms as reported pursuant to SEC MC 19, series of 2019 and in accordance with SEC Memorandum Circular No. 10 Series of 2021 on the Moratorium of New Online Lending Platforms (SEC MC 10). This list includes:
- ACOM – Fast Cash Loan. Simple.
- advance.ph
- BilisCash
- PesoKey
- SurePeso
- Asialink Mobile CRM App
- FINN
- asteria.com.ph
- Surelo
- Cashini
- LoanStream
- LendWise
- Cashbee.ph
- cashxpress.ph
- Cashmum
- Mega Peso
- cepatkreditfinancing.com
- Pesoforrest
- Pococash
- Blue Peso
- Moca Moca
- Peso Buffet
- Load Cash
- Quickla
- crawfort.com.ph
- Funpera
- discoverycsc.com
- PesoGO
- Microloan
- Easycash
- invested.ph
- Mr. Cash
- Pocketcash
- Pondocash
- Peranyo
Ongoing Efforts to Protect Consumers
The SEC's continued vigilance in monitoring and regulating online lending platforms is part of its broader mandate to protect Filipino consumers from financial scams and predatory lending practices. By issuing public advisories and providing resources for verification, the SEC aims to empower consumers to make informed decisions and avoid potentially harmful financial transactions.
Consequences for Unregistered Lending Operations
The SEC has the authority to pursue legal action against unregistered lending companies and individuals involved in unauthorized lending activities. These actions may include fines, penalties, and even criminal prosecution, depending on the severity of the violations. The SEC's enforcement efforts send a clear message that it will not tolerate illegal lending operations that put consumers at risk.
Photo credit: Photo from SEC.gov.ph
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