The Philippines is a hot ground for online financial scams and investment fraud.  Authorities and media have been advising people to remain cautious and not to engage in new investment schemes that promise huge returns. According to the experience of private investigators in Manila and Cebu, the reports of investment fraud continue to grow despite the warnings.

Many people don’t want their savings to be stuck in the bank or in a fund with small return, and seek out higher returns. Often, many turn to invest their money in a business, in a deal, or in any other thing where there is a chance of making it grow. The problem is to decide to put your money in without having evidence of the legitimacy of the company or how real is the deal.

While it is a wise choice to be in the pursuit of making your savings grow, it is also important to be very cautious with regards to investing it. Thousands of people lost their savings (life savings in many cases) after they were deceived online. News media feature cases of international investment scams originating in the Philippines almost on a weekly basis. Recently, 24 Filipinos were arrested for allegedly operating a lucrative investment scam that victimized retirees and pensioners.

Awareness about the risks of online investment scams can help you avoid being a victim.  It is important to share the warnings with friends and family, especially senior people who are more vulnerable to scam due to their financial capabilities and their limited knowledge of the online world.

The best way to stay away from scammers is to hire a professional investigator on the ground to verify the facts. For instance, hiring a professional to conduct a Philippines background check investigation help you verify the facts and decrease your risk when considering an investment opportunity.   It also narrows your options for investment and increases your chances of success.  Poor investments are often the result of insufficient knowledge or information.  A background check can help you identify if the company is legit and reputable, and if your contact is a real representative of such a company. Knowing the facts and having clear evidence on hand is what you need for smart investing.

Keep in mind that scammers have a wide variety of schemes, from stock trading scams to fake online lending companies, and that big scale online fraud has spread throughout the Philippines. Scammers claiming to be a stock broker or portfolio manager and offering financial or investment advice abound in this country, and mostly target foreigners. So regardless of where they claim to be from, or in what country the investment deal is taking place, verify first, so you can avoid fraud.

Are you currently considering a business opportunity in the Philippines?  Thinking about hiring someone in the Philippines or Southeast Asia?  Need to verify if a company exists in the Philippines?

Don’t put your savings at risk. Contact us today for an investigation quote.

C. Wright
© 2018 Philippine PI

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