Don’t quickly fall for “easy money,” “quick money” or “double your money” schemes.
Senator Bam Aquino made this advice to the public so as to avoid falling into investment, pyramid and other types of scams, which now made their way into popular social networking sites such as Facebook.
“We should be prudent especially when it comes to money. Think twice before you put your hard-earned money into something, especially when it promises high return of investment,” said Aquino, chairman of the Senate Committee on Trade, Commerce and Entrepreneurship.
Aquino’s pronouncement came after the arrest of several individuals who were behind an investment scam advertised on social networking site Facebook.
In addition, an investment scam that duped 100 individuals, of around P100 million was discovered recently.
“Before investing, we must tread on the side of caution by checking with the Securities and Exchange Commission if an investment company is registered,” Aquino said.
“Just to make sure, we also must ask for documents that will prove the legitimacy of a company’s operation,” the senator added.
The senator also called on authorities to intensify their campaign against syndicates involved in other scams to prevent more people from being victimized.