BSP warns public on fraud, scams

September 26, 2018
Banko Sentral ng Pilipinas

The Bangko Sentral ng Pilipinas (BSP) on Tuesday warned the public on frauds and scams, in the wake of the fast approaching holiday season.

Paulette Gay Menguilla, BSP spokesperson, in an interview said during Christmas season, fraudulent activities are very rampant as scammers are active and noticeably numerous.

“Be alert, vigilant and report any suspicious act to the nearest authorities or police station in your area,” Menguilla said.

Some common types of fraudulent activities, she said, are text scams, credit card and ATM skimming, pyramiding scheme, spurious investments, identity theft, phishing; spoofing, Budol-Budol and Dugo-Dugo scams.

The BSP gave the following tips on how to prevent being victimized by fraud:

1. Stop. Think. Be sceptical. Do not be pressured into making hasty decisions and check things out before you buy or sign anything right away. Exercise due diligence in selecting investments and the people whom you deal with. Make sure you fully understand the investment before making the investment.

2. Beware of testimonials which have no way of checking. Always get information in writing before you give away any money. Take time to do careful research. Remember, if it sounds too good to be true, it’s probably a lie.

3. Check out the investment company through some independent agencies to make sure it is legitimate. Never send money to pay for taxes/fees/prepaid cards on domestic/foreign text or lottery winnings, which you did not join.