The National Data Protection Commission (NPC) of the Philippines concludes that the operator of Fynamics Lending Inc., the operator of the online lending application PondoPeso, has violated the provisions of the Data Protection Act of 2012
In 2019, the NPC called 67 online lenders for complaints to publicly shame their clients who are unable to pay their dues.
In a 40-page decision, the AFN recommends prosecution of the owners and managers of the company. The decision, which was served on the respondents on February 15 and 16, 2021, was sent to the Department of Justice.
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“The National Commission for the Protection of Privacy once again reminds companies to adhere to the data privacy law and to respect the data privacy rights of their customers,” said the Privacy Commissioner of privacy Raymund Liboro. âTo the operators and companies behind online lending applications whose business model exploits borrowers, the Commission is determined to end your unethical and illegal use of your customers’ personal information. The law will make you pay for the willful and willful violation of data protection law.
The AFN investigation concludes that the Fynamics app, PondoPeso, accessed its customers’ contact list and called them without their consent. Representatives of the company also used this information to harass, threaten and coerce them to pay off their loans.
The NPC also discovered that the company posted sensitive personal information about the lenders on social media.
A total of 113 complaints were filed against Fynamics’ online loan application from July 6, 2018 to July 31, 2019.
If found guilty, Fynamics executives face a jail term of up to three years and a fine of up to P 2 million (approximately $ 41,000) for the unauthorized processing of personal information. Processing “sensitive” personal information is punishable by 4 million pesos (approximately $ 82,000) and six years in prison.