With the widespread use of e-commerce also comes rampant investment and insurance scams. More often than not, we are lured into investing our hard-earned money in business that promises us high returns. Who would not want high percentage return of investment? Truth is, there is no such thing as an overnight success in business and it takes careful planning, study and analysis for one's investment to grow. It takes more than trust, confidence and gut feeling to make sound financial move. I bore witness to friends, acquaintances and even relatives who put their hard-earned cash and even their whole retirement incentive into too-good-to-be-true investments only to find out later that they were scammed. Years ago, I was also lured into investing my bonus and salary in networking business trusting that a friend who recruited me into it was only doing me a great favor by sharing her own financial success. We enjoyed the benefits in the first few months of our membership. Eventually and unfortunately, we both suffered the bane of networking business when we came out almost empty handed. The last time we check, the perpetrators were "enjoying" their retirement in jail with all their assets frozen. I was thankful that I was still young at that time and I was able to work and recover from my losses.
Today, I again see the proliferation of such scam but this time, it is more technologically advanced using social media platform. Although there are many other legitimate business on the internet, be careful where to put that hard earned cash. This is just to remind you dear readers, before you even make that deposit or fund transfer in the business venture that you wish to participate in, think a hundred times and consider these...
1. Inquire/check or research from the Securities and Exchange Commission(SEC) Banko Sentral ng Pilipinas (BSP) or Insurance Commission (IC) if
A. The company has the necessary licenses or there are no issues/cases against such company
B. The products being offered are registered and legitimate
C. The salespersonnel/agent are authorized to act in behalf of the company
2. Remember to
A. research about the company and its product before you invest
B. ask a copy and keep the documents/receipts of your transactions
C. Be wary of promises about high-yield ROI as these are proven high risk investments
D. Never just rely on your friends or relatives' testimonies to lure you into investing, make your own study and be adequately informed.
*The posters are public service announcement from SEC and BSP