BSP Names Frauds & Scams in the Country

The Bangko Sentral ng Pilipinas (BSP) named 10 common frauds and scams in the country and also gave tips on what to do when faced with them.

The Financial Literacy and Advocacy Division, Financial Consumer Protection Department placed first on the list text scam telling SIM owners they have won a huge amount of money, Credit card and ATM skimming, Ponzi or pyramiding scheme, Spurious investments and Identity theft.

Three scams were identified using emails and website include Phishing scam that asks for your bank details and PIN, Spoofing – a website that appear to be legitimate but is actually created by a fraudster and Nigerian scams that also victimizes through e-mails promising a large sum of money to be given to victims but they will shoulder the processing fee or a letter from a friend asking for money as they are in a difficult situation.

On the list also is the Budol-budol scam that gets money and other valuables from victims and the Dugo-dugo scam where allegedly a relative of the one being scammed was kidnapped or is in a critical condition in a hospital. Money or other valuables is immediately needed.

When faced with a scam fraud, stop, think, and be skeptical. Do not be pressured into making hasty decisions and check things first before you buy or sign anything right away, the BSP said.

Stay calm and do not immediately follow instructions coming from a stranger for any demand of money or valuables in exchange for a kidnapped relative or hospitalized family member. Verify first with other immediate family members the veracity of the call received.

Also, check out the investment company through some independent agency to make sure it is legitimate. Never invest what you cannot afford to lose.

Never send money to pay for taxes/fees/prepaid cards on domestic/foreign text or lottery winnings, which you did not join. Legitimate promos use only three or four digit phone numbers.

Do not be fooled by the promise of large sums of money for your cooperation. Safeguard your personal information by not giving private information unnecessarily.

As soon as you are convinced that your identity has been compromised, report it to your bank/credit card issuer immediately.*(JSC/Lljr/PIA6 Negros Occ.)