Scams should be reported right away! While more and more Filipinos fall victim to various scams, many still downplay the seriousness of reporting such incidents formally to the appropriate authorities. Others seem content to just vent their frustrations in Facebook comment sections, or perhaps they are acting foolishly and ignorantly.
That’s a serious issue as well!
Scammers frequently use confidence tricks in which they pose as authoritative persons, including lawyers, financiers, bank personnel, and others in an effort to solicit and get money or other valuables.
Please read: ONLINE SHOPPING FRAUD THIS HOLIDAY SEASON
The following are typical fraud warning indications or red flags:
Red Flags (Warning Signs) of Scams
Do a little research on existing warning indicators or red flags before you report frauds and other suspect business and financial activities to our local authorities. However, if you have already sent money and suspect that you have been scammed, check the other party’s identity and legality and get assistance as soon as possible.
Proposals sent via SMS and unsolicited email
These unwanted emails are typically obtained from dubious email domains or from free email services like Yahoo or Gmail.
The general language they use to contact you is accompanied by numerous grammatical and typographical problems that are present in all of their correspondence. It stands to reason that many con artists call you on mobile phones because they lack registered landline lines.
Prompted to enter sensitive data, including login credentials, credit card, and bank account details.
Scammers, not your bank, are the ones who should never ask for your account login information. Don’t immediately send your information if email requests appear to be coming from your bank despite the sender’s address appearing to be trustworthy.
It may be wiser to call or visit your servicing branch first.
This investment assurance and the lightning-fast transfers are too good to be true.
Scammers offer you certain investment returns that are significantly above current market rates, but their methods and plans are nebulous and unclear. Others even demand that you send money transfers before submitting the required paperwork.
You feel under pressure to accept the offer immediately or risk missing out on the chance.
When you are required to invest the money in your pocket or savings immediately, you should give it some thought. It is a con! All legitimate agents believe that you need more time to consider your investments because they require complete understanding and informed decisions.
They want upfront payment for their services.
If they are legitimate, they should be charging service or processing costs at the time your transactions are completed, or most likely not charging any fees at all. Equally obvious is the fact that you don’t even receive official BIR receipts after settlement, while others just politely request that you deposit payments into their bank accounts.
You conduct business with them elsewhere, not at their place of business.
Since they don’t have a physical address, you are advised to meet them in a fast food joint or mall. They lack a proper office, and the Department of Trade and Industry (DTI) or Securities and Exchange Commission cannot confirm their business registration (SEC). Or to put it another way, they operate shady businesses. Find more warning signs by searching Google.
Investment Scam Checklist (Securities and Exchange Commission)
According to the Securities and Exchange Commission (SEC), you must obtain the following information if you receive an investment offer by phone, email, flyers, newspaper ads, or directly from any person or through any other means and it promises incomes or returns that seem too good to be true:
Identifiers for the Offerer and the Business
Addresses for the Individual and the Business
Mobile Number (Do not accept cellular phone numbers)
Registration with the SEC as an investment taker Remember that merely having an SEC company registration does not give you the right to sell investments. To offer to sell investment instruments to more than 19 investors, only investment firms and financing companies with a QB (quasi-banking) license and SEC-registered securities may do so. SEC-registered securities may only be offered and sold to the public by SEC-registered individuals, such as brokers, dealers, and salespeople.
Additionally, SEC suggests that you avoid dealing with them if:
- They refuse to divulge any of the aforementioned information.
- They are not SEC-registered and do not hold the necessary licenses to sell investment securities.
- They omit to provide more details like the number of investors, the minimum investment, the rate of return, and others, and they are not listed on the SEC website.
Last but not least, you can stop these con artists from picking up fresh victims by
- Reporting to the Department of Enforcement and Investor Protection at (02) 584-6337; and
- Requesting help from the NBI or the police in case of an emergency
How to Report Scams in the Philippines and Where to Do It.
Instead of seeking support and guidance from social media support groups, you should report scams to local authorities immediately. You might get condolences for your loss, but not the necessary legal action.
For specific scam incidents, there are a number of government organizations and authorities you can contact in the Philippines. You can always phone them on their hotlines, send them emails, or by far the best option go to their offices.
I haven’t attempted to report scams because I haven’t been the victim of one, but I’m confident that these organizations can assist you. You only need to work together.
