Philippine Securities Commission Partners with TikTok to Combat Investment Scam

It is reported that over 75% of Filipinos have encountered at least one scam in the past year. The Securities and Exchange Commission (SEC) in the Philippines has initiated a cooperation with the social media giant TikTok to curb the growing epidemic of investment fraud.

TikTok ranks among the most popular social media platforms in the Philippines, boasting at least 50 million users. The SEC and TikTok have recently signed a Memorandum of Understanding (MOU) aimed at raising public awareness about illegal investment schemes.

Through this partnership, TikTok has committed to releasing a series of educational videos to inform Filipino netizens about common financial and investment scams today and how to avoid becoming victims of such fraud.

Meanwhile, the regulator will flag suspicious content to TikTok's parent company, ByteDance.

SEC Commissioner Rogelio Quevedo stated that partnering with TikTok will help spread information to more Filipinos, providing them with clear, practical guidance on protecting their hard-earned money, especially during the holiday season.

Quevedo revealed that TikTok is just the first social media platform they are collaborating with, and the regulator is planning to extend partnerships to more platforms like Facebook and Google.

He emphasized that the SEC will continue exploring various methods to disseminate financial literacy to broader audiences, ensuring every Filipino possesses the knowledge and tools to make informed investment decisions.

BrokersView reminds you

Investors should be extremely wary of investment advice from unconventional sources to protect their funds and avoid scams.

If you are unsure whether a trading platform or investment opportunity is legitimate, you can ask Brokersview for a free assessment.