- Philippines’ SEC partners with TikTok operator ByteDance PH to fight financial and investment scams through the #ThinkTwice education campaign.
- Under the MOU, SEC will flag suspected scam content for TikTok review, while both sides co-create videos explaining fraud risks, starting with Ponzi schemes.
- The collaboration aims to boost digital financial literacy as 75% of Filipino adults encountered at least one scam last year.
Citing TikTok's popularity to engage the public through the use of videos, SEC Commissioner Rogelio Quevedo underscored its importance to educate the public about investment scams and fraud. Quevedo, in his message during the ceremonial signing of Memorandum of Understanding with officials of ByteDance Philippines Inc., the local arm of global firm ByteDance operating various content platforms like TikTok, in Taguig City said averting these scams is a must since these undermine the investing public's confidence.
He said the MOU "establishes a structured framework to educate Filipinos about common financial and investment scams by detecting, preventing and removing such content, while boosting awareness of associated risks".
Under the MOU, SEC will refer to ByteDance PH suspected content for review and action vis-a-vis TikTok's community guidelines. “We will co-develop one to three videos under the ThinkTwice campaign to educate users on spotting and avoiding scams, alongside broader consumer outreach for financial literacy. Additional efforts include policy dialogues on fraud trends, risk controls for financial services on platforms”, he said.
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It added that the tie-up aims to address scams following the release of a recent survey from Global Anti-Scam Alliance, which says more than 75 percent of Filipino adults encountered at least one scam in the past year. Yves Gonzalez, Head of Public Policy for the Philippines at TikTok, said the social media platform "has always prioritized the safety of its community, investing in technology, human moderation, and educational initiatives to get ahead of emerging threats".
"While fighting scams is a multi-sectoral effort, we firmly believe that our partnership with the SEC is a significant step in empowering Filipinos to do safe business online", she said.
In addition to reporting to TikTok suspected videos, the two entities will co-create a series of #ThinkTwice videos that will educate the public about common financial and investment scams, teach them how to verify information sources, and provide practical tips to avoid falling victim to fraudulent schemes. The first video will cover the Ponzi scheme, which assures investors of guaranteed earnings by using part of the funds contributed by new investors. These videos will run on TikTok's social channels and #ThinkTwice Resource Hub.
