Scammers are finding new ways to trick Filipinos, and Home Credit Philippines (HCPH) is urging customers to stay alert. One common scheme targets product loans or HCQWARTA credit limits, offering quick cash in exchange. While this might seem tempting, these offers are illegal and can lead to serious financial and legal trouble.
How Scammers Operate
These schemes often start with someone approaching Home Credit customers with pre-approved offers. They act friendly and helpful, then encourage the customer to get a Home Credit Product Loan. After that, they promise to buy the device in cash, sometimes offering more than its value to make it sound appealing.
Some scammers go further, offering to cover the down payment or even accompanying customers to stores to gain trust. Others claim they can convert HCQWARTA credit limits into cash, assuring the customer that they will handle everything.
The Hidden Dangers
At first, these offers may seem harmless. Scammers promise quick cash or help with payments, but once the deal is done, they disappear with the money or device, leaving the loan under the customer’s name.
Falling for these schemes can result in missed payments, penalties, damaged credit scores, and limited access to future financing. In some cases, victims may even be blacklisted by financial institutions.
At first, these offers may seem harmless. Scammers promise quick cash or help with payments, but once the deal is done, they disappear with the money or device, leaving the loan under the customer’s name.
Falling for these schemes can result in missed payments, penalties, damaged credit scores, and limited access to future financing. In some cases, victims may even be blacklisted by financial institutions.
Legal Risks
Participating in these schemes is considered money muling and is illegal under the Anti-Financial Account Scamming Act (RA No. 12010). Those involved may face 6 to 8 years in prison, fines ranging from ₱100,000 to ₱500,000, or both.
Participating in these schemes is considered money muling and is illegal under the Anti-Financial Account Scamming Act (RA No. 12010). Those involved may face 6 to 8 years in prison, fines ranging from ₱100,000 to ₱500,000, or both.
How to Stay Safe
Home Credit reminds customers to stay cautious. Avoid any offer that promises to turn a loan or HCQWARTA limit into cash. Always remember that you are legally responsible for any loan under your name, even if someone else promises to handle it. Transactions should only be done through official Home Credit channels, including partner stores, the Home Credit App, or other approved payment methods. Never allow strangers to manage your account.
Home Credit reminds customers to stay cautious. Avoid any offer that promises to turn a loan or HCQWARTA limit into cash. Always remember that you are legally responsible for any loan under your name, even if someone else promises to handle it. Transactions should only be done through official Home Credit channels, including partner stores, the Home Credit App, or other approved payment methods. Never allow strangers to manage your account.
If you encounter suspicious activity, report it immediately by emailing info@homecredit.ph or calling Globe: (02) 7753 5711 or PLDT: (02) 8424 6611.
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