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Fraud Alert: Online Investors Deceived by Fake Philippines Brokers

Fraud Alert:  Online Investors Deceived by Fake Philippines Brokers

Putting money aside for the future is an important aspect of life planning that gives people a sense of security. We all want a decent retirement to be safe, and at the very least live comfortably in our retirement years. Many individuals prefer to invest their money rather than keep it in a savings account, and this is a good choice if you know where to invest and how to do so safely.  Avoiding the bad investments and scams is not so easy.

Investing online in cryptocurrency has become increasingly popular, especially since the stock market tumbles have created distrust among young and middle-aged investors. Many people feel like they are more in control of their investment when using cryptocurrencies but given that there is still a lot of misinformation about this topic, the number of victims has also increased exponentially. According to a report from the Federal Trade Commission in the United States, since last year more than 40,000 Americans have reported losing nearly $1 billion in cryptocurrencies to scams. The majority of scammers use Bitcoin, the most popular cryptocurrency, followed by Tether and Ether. According to the report, the number of reported cryptocurrency losses last year was approximately sixty times what it was in 2018. Despite the fact that several digital coins have seen price drops in recent months, distinct cryptocurrencies continue to gain popularity.

Private investigators in the Philippines have worked on numerous cases of investment fraud, mainly because online fraudsters have selected this country for their “headquarters”. Filipinos have good internet connections, speak English, and are very resourceful.  There is a lot of unemployment and the authorities are limited in regards to fraud control. Recently, the SEC announced it was hiring more than a dozen new employees to combat rising cases of cryptocurrency fraud, yet that still might not be enough. All of the above combined make it a perfect place to establish boiler rooms to persuade investors to purchase fraudulent securities, cryptocurrency and more.

However, if you have the right information you will be able to make the best decisions for your future. Taking wise precautions like background check investigations in the Philippines are especially important when working with online investment firms and brokers, due to the high risk of fraud and deception.

When it comes to investing, be suspicious and take the time to think about whether it makes sense and is safe. What is the maximum amount of money you are willing to risk? How can you know if the company or broker you’re working with is genuine and trustworthy? Is the business legitimate? A private investigation can help you find reliable evidence of whether you are investing in the real deal or not.

Keep in mind that scammers frequently get involved in an online friendship or a romantic relationship with a person just to lure them into investing in a fraudulent business. Investing and relationships do not mix, especially when your so-called friend’s interaction with you is limited to the internet! Consider that the vast majority of investment frauds are tied in some way to online dating and social networking.  Contact us to stay safe!

C. Wright

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