PDIC warns public of fake loan insurance scam

The Philippine Deposit Insurance Corporation (PDIC) cautioned bank borrowers against a loan insurance scam that falsely used its logo and name in an attempt to defraud the public.

The warning came after PDIC’s Public Assistance Department (PAD) received reports of a “Loan Compliance” notice signed by a certain Luvina P. Soberano-Lim, requiring borrowers to pay for supposed loan insurance.

PDIC clarified that the notice was fraudulent and emphasized that it does not require insurance coverage for any bank loan application nor collect payments related to it.

The agency added that the individual identified in the notice has no affiliation with PDIC and is not authorized to represent the corporation in any transaction.

It also confirmed that the bank account indicated in the document does not belong to PDIC.

“To guard against this fraudulent activity, the PDIC urged the public to refrain from acting on such ‘Loan Compliance’ notice or any other similar notices,” the advisory read.

The state-run insurer also issued a stern warning against the unauthorized use of its seal and logo, saying such acts violate PDIC Regulatory Issuance No. 2025-01, which governs advertisements and the proper use of the PDIC seal, insurance statements, and signages.

The corporation urged the public to remain vigilant and immediately verify suspicious transactions with its Public Assistance Department.

Inquiries may be sent via email to pad@pdic.gov.ph, through hotline (02) 8841-4141 for callers within Metro Manila, the toll-free hotline 1-800-1-8888-7342 (PDIC) for those outside Metro Manila, or by sending a direct message through www.facebook.com/OfficialPDIC or www.x.com/OfficialPDIC.

Fraudulent use of PDIC’s name and seal has been a recurring tactic among scammers, with similar cases in the past prompting repeated reminders from regulators for borrowers to transact only through official bank and government channels.

Officials said the latest scam highlights the importance of public vigilance as cyber-enabled fraud continues to evolve alongside digital banking services in the country.