The regulator advised the public against an unregistered entity impersonating a legitimate retailer to execute an online investment scam.
The Securities and Exchange Commission (SEC) of the Philippines has issued an advisory against a fraudulent online platform performing scams by impersonating a legitimate retail corporation, Shopwise Online Work Platform.
The fake platform is said to have deceived the public through a job offer and a recharging scam.
A recent SEC Philippines warning clarified that the bogus entity pretending to be SHOPWISE and conducting scams has no connection to the registered retailer Shopwise Inc.
According to the regulator, the group recruits individuals by offering fake part-time jobs through social media platforms like Facebook and messaging applications.
The scheme requires victims to register and invest an initial capital of PHP 119 into a digital wallet.
The platform then assigns them tasks, such as grabbing product orders, with the promise of earning between PHP 320 and PHP 650.
While the operators allow early participants to withdraw small earnings to build trust, they eventually require victims to deposit more money to access their funds.
The commission stated that the entity has not registered as a corporation or partnership. It also lacks the necessary authority to solicit investments from the public.
The regulator urged anyone the group has approached to report the activities directly to its Enforcement and Investor Protection Department.
#SecuritiesandExchangeCommissionSEC #FinTechAlliancePH
No comments:
Post a Comment