CAGAYAN DE ORO CITY – Both the regional offices of the Security and Exchange Commission (SEC) and the National Bureau Investigation (NBI) here have acknowledged that scammers have found more creative means to dupe their victims, prompting authorities to innovate and remain a step ahead of the criminals.
Lawyer Chermene Nacua, NBI-Region 10 focal person, said Thursday investigation and law enforcement agencies are constantly trained, especially on cybercrime-related cases, to respond to evolving threats involving high-tech criminals using the online space for fraudulent activities.
“We have to innovate in government because the scammers are becoming innovative as well,” Nacua said.
With the help of other law enforcement units and agencies such as the police and military, Nacua said they are exchanging information to track and learn the modus operandi of suspected scammers.
Jeshe Radaza, the local SEC Extension Office administrative officer, noted that even amid the coronavirus disease, investment scams remain active on social media, attracting vulnerable investors.
Scammers are aware they are being watched, Radaza said, leading them to devise ways not to get noticed by law enforcement entities.
“We are doing extraordinary improvements in detecting their schemes,” Radaza said.
In line with the SEC’s Investors’ Protection Week, Radaza is urging the public to always verify claims and check on the entities and organizations offering investment opportunities to avoid falling victim to “Ponzi-like” scams.
He said the red flags are usually the promise of high return of investment compared to the banks, and enticing potential investors through fake testimonies.
“They (investment scammers) would pressure you to immediately invest in their company even when you are still verifying their legitimacy,” he said, adding that more of these entities offer no products or services.
Radaza sai Ponzi-based investment scams are bound to eventually collapse once the saturation point for new recruits has been reached.
“They are using the money of new investors (recruits) to pay back for those who invested earlier,” he said. (PNA)