SEC Issues Public Alert on “Tasking and Recharging” Job Scams

The Philippines Securities and Exchange Commission (SEC) is cautioning the public, particularly job seekers, against the proliferation of “Job Offer Scams”. The commission reports these scams aim to defraud individuals through a method described as a “tasking and recharging scheme”.

The SEC’s Enforcement and Investor Protection Department (EIPD) has noted a significant number of reports concerning this fraudulent activity.

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The scheme typically begins with perpetrators contacting potential victims via messaging apps like Viber, Messenger, and Telegram. They offer simple online tasks, such as sorting or purchasing items for a supposed e-commerce business.

To participate, the scammers first require victims to deposit a small sum of money to gain access to the dubious online platform that assigns the tasks. Initially, these small deposits yield the promised returns, a tactic used to build trust and encourage larger investments.

For instance, an individual might be asked to deposit PHP 500 to perform tasks that pay PHP 1,000. After receiving this initial payment, the scammer will offer higher-paying assignments that require a much larger deposit, such as depositing PHP 5,000 to access tasks worth PHP 10,000.

This cycle of depositing increasingly larger amounts continues until victims have invested a substantial sum. When individuals attempt to withdraw their earnings, the platform operators demand more payments for various fabricated reasons before they ultimately disappear with the invested money.

The EIPD strongly advises people in the Philippines not to engage in these job offer scams and to exercise vigilance when encountering such offers.

The commission encourages anyone who comes across these schemes to report them immediately to the EIPD via email at epd@sec.gov.ph.

Featured image by AR_doodle on Freepik.

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