NPC: Online lending complaints plunge 90%
We are not letting up on the matter, and we continue to hold marathon hearings to resolve each filed complaint the soonest time possible, given our resources
Privacy-related online lending complaints registered a substantial decline just one month following the measures the National Privacy Commission (NPC) began enforcing against dubious online lending applications.
Data gathered by the NPC from January to November 2019 showed a downward trend in the filing of formal complaints against online lending apps beginning October. The decrease happened a month following the NPC’s issuance of an Order on the top three online apps that were the subject of majority of the complaints.
NPC OIC-Executive Director Jose Belarmino II said the commission has since recorded a decline in the number of new formal complaints from borrowers involving the unauthorized use of their private personal information by online lenders.
“We are not letting up on the matter, and we continue to hold marathon hearings to resolve each filed complaint the soonest time possible, given our resources. The decrease in new cases, however, is a welcome development. It is an indication that people are definitely becoming mindful about protecting personal data and upholding privacy rights,” he said in a statement.
According to the NPC report, the agency had 23 formal complaints on record related to online lending in January 2019. “The numbers steadily climbed during the first quarter. After the agency went public on the issue in May, the number rose further, signaling that more victims were previously unaware they can seek NPC’s assistance.,” the report said.
NPC said the number of complaints peaked in September with 300+ new cases for the month. In was on the first week of that month that NPC issued an Order on Fynamics Lending Inc., Unipeso lending Company and Fcash Global Lending Inc., which were the subject of the most complaints.