Social media platform TikTok has partnered with the Securities and Exchange Commission (SEC) to enhance the country’s efforts to combat increasing cases of online investment scams.
Under their memorandum of understanding, TikTok will create a series of videos aimed at educating Filipinos about common financial and investment scams. The content will also teach users how to verify information sources and provide practical tips to avoid falling victim to fraudulent schemes. Meanwhile, the SEC will collaborate with TikTok to take action against videos that promote such scams.
This partnership arises as an increasing number of Filipinos have fallen prey to investment scams that promise unrealistic returns. A recent survey by the Global Anti-Scam Alliance found that over 75 percent of Filipino adults have encountered at least one scam in the past year. With scams often surging during the holiday season, the initiative encourages users to take a moment to consider and “Think Twice” before engaging with suspicious online offers.
Yves Gonzalez, Head of Public Policy for the Philippines at TikTok, stated that the platform prioritizes community safety by investing in technology, human moderation, and educational initiatives to tackle emerging threats. He emphasized that while the fight against scams involves multiple sectors, this partnership with the SEC is a significant step towards empowering Filipinos to navigate the digital landscape more safely.
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