'When it's too good to be true...' NBI warns vs online scams


Posted at Oct 16 2019 12:52 PM

Watch more on iWantTFC

MANILA - Authorities on Wednesday warned the public anew against online investment scams after a man from Iloilo lost more than P100,000 of his savings.

"Nakakalusot pa rin dahil 'yung promise of reward—double money—is masyadong malaki, minsan di nakikita ng victims yung telltale signs na scam na yan eh," Victor Lorenzo, chief of National Bureau of Investigation Cybercrime Division, told radio DZMM.

(It passes because when the promise of reward—double money—is too big, victims don't see the telltale signs that it's a scam.)

"When it is too good to be true, it’s not true."

The victim, alias Ryan, said the investment scam, which he found through a buy-and-sell Facebook group, promised to double his money within 15 days.

Ryan said he initially invested P20,000, with a return of P9,000.

"Ikalawa po mga P12,000. Sabi nila merong [balik] pero naka-hold. Kung mag-add ka raw ng puhunan mas malaki 'yung return," he said.

(The second time I invested around P12,000. They said there was a return of investment but it was on hold. If I added more capital, the return would be bigger.)

He then invested P71,000 more, with a total of more than P100,000 of investment.

Lorenzo urged the victim to file a complaint before the NBI's regional office in Iloilo, which will then be forwarded to their main office in Manila.

The NBI cybercrime chief also warned the public against online lending applications amid reports of harassment over late payments.

"Kailangan maging aware din sila kasi may personal information ka na pino-provide. Kailangan aware sila na it could be used for fraud or identity theft. Paminsan-minsan, willing pa rin mga consumers natin to take the risk," he said.

(They have to be aware because they are providing personal information. They should be aware that it could be used for fraud or identity theft. Consumers are sometimes still willing to take the risk.)

"Kapag hinarass sila, may recourse to file a formal complaint with us."

(If they are harassed, they have a recourse to file a formal complaint with us.)

The Securities and Exchange Commission on Tuesday ordered 12 more online lending firms to halt operations for lack of license to operate.