SEC warns public vs job offer scams

MANILA, Philippines — The Securities and Exchange Commission  (SEC) is warning the public against the rising number of job offer scams which target individuals through the use of the modus tasking and recharging scheme.

The corporate watchdog said its Enforcement and Investor Protection Department has seen an alarming number of job offer scam reports.

Under the scheme, victims are contacted through various messaging platforms where they are offered trivial tasks like ordering or purchasing items, sorting orders and clicking tasks, among others, for a supposed e-commerce platform.

The victims, however, are required to deposit minimal amounts to access an e-commerce platform that assigns paid tasks.

The victims are also enticed to deposit more money to get higher-paying tasks.

The SEC said that small deposits are initially paid the promised returns to make the victim believe in the legitimacy of the platform and pour in more money.

“For example, an individual will be asked to deposit P500 for paid tasks worth P1,000, as part of the initial offer. After completing the job and receiving payment, the promoter will offer the victim higher-paying tasks amounting to P10,000, but he must deposit P5,000 to access the new workload,” the SEC said.

The SEC said the cycle would continue until the deposited amount balloons, with amounts differing depending on the mechanics of the scam.

“Once the investors are hooked and have deposited big amounts, the platforms and their operators require victims to deposit more money in order to withdraw their supposed earnings for various reasons and eventually disappear,” it said.

The SEC is urging the public not to engage in job offer scams and be vigilant when receiving job offers involving these scams.

Through its collaboration with partners from the public and private sectors, the commission has been taking a stronger stance in its fight  against  scams  and  other  illicit  investment-taking activities.

It also taps local government units to educate and raise  awareness of the public on investment scams through information sharing and training of enforcement agencies.

“Scams and other deceptive investment offers continue to pose a serious  threat to the financial security of many Filipinos,” SEC commissioner Rogelio Quevedo said.

“Together, let’s increase the reach of our campaign and build a culture where every Filipino is not just financially literate—but also financially empowered,” he said.