ZAMBOANGA CITY (PIA) – The Securities and Exchange Commission (SEC)-9, the leading regulatory body in Zamboanga, is intensifying its efforts to protect the public from increasing advance fee scams and other investment frauds.
(photo credits to ZPPSU Public Information Office)
During the recent PIA Kapihan na Zamboanga on November 13, Securities Counsel Atty. Rona Chua Santos illuminated the tactics employed by scammers. She explained that these individuals or groups often pose as legitimate lending or financing companies, requesting upfront payments for processing fees or security deposits.
“It’s crucial to remember that genuine financial institutions never ask for advance payments,” Atty. Santos emphasized. “They typically deduct fees directly from the loan proceeds.”
The digital age has provided a fertile ground for scammers to operate. Social media platforms and messaging apps like WhatsApp and Telegram have become common channels for these fraudulent activities. The rapid increase in digital fraud, from 7% in 2023 to 43% to date, emphasized the urgency of public awareness.
The SEC is actively promoting awareness through various initiatives, including financial literacy education for students in the Zamboanga Peninsula.
The SEC is conducting various activities to promote awareness, including orienting students to financial literacy and spotting investment scams. It is also developing Information, Education, and Communication (IEC) materials for seminars and walk-in clients. These materials include brochures, posters, and online resources that provide practical tips and advice on how to avoid scams and make informed financial decisions.
“The youth are the future of our generation,” emphasized Atty. Santos. “We can empower them to recognize the risks of scams and become catalysts for change, educating others, especially our older generation, to be vigilant.”
SEC also proactively implements activities to raise awareness among citizens, instilling confidence in the public. The upcoming Investor Protection Week, with the theme “Wais sa Pinansya, Sigurado sa Kinabukasan,” aims to Inform the public about different investment options and their corresponding benefits and risks, raise awareness about investment scams, how to avoid them, and how to report them to authorities; and Develop financial literacy through informative discussions and interactive sessions.
Atty. Santos reminds citizens to exercise due diligence by researching financial companies that require upfront payments. “Always verify with the SEC to ensure you’re making informed decisions,” she advises. (EDT/MLE/JFT/PIA-9 Zamboanga City)
