This is part 5 of our ongoing “Scam Crow” series with the heart to help you stay away and avoid scams. We have so far discussed the following: Top 5 Scams that rocked the world!, The Top 5 Scams in the Philippines, Top 5 Selling Points of Scammers and What are the kinds of people scammers choose?
If you are in the middle of what you think is a scam or know someone who is currently being scammed this article is for you!
Scam artists have been proliferating nowadays. As I have written in the past, I mentioned that scams come and go but scammers just seem to finds ways to prawl and take advantage of people. Scammers always use the word GUARANTEED to appeal to your emotion of security.
What if you have been lured into it and then suddenly you felt you were right smack in the middle of a scam.
Here are some options for you to escape as early as possible.
1. Give all reasons why you need your money urgently. I remember before when my late father invested in a financing company. The company was doing well but when he learned that the owner was gambling, he requested to get the money. His reason was so valid that the company had no choice but to give him back his money. Later, the company shut down.
2. Apply the high pressure tactic. Majority of the people who get into scams are those who have been pressured into it. If the company refuses to return your money, try to reverse the situation and give them a threat that you are going to report them to the authorities. Chances are that they will avoid the risk of being exposed and return your money in full.
3. Stop. To avoid further loss, once you suspect you are in a scam, stop remitting money. Try to get what youhave invested even with some loss. It is better to lose some than the whole amount. If you have gained already, get out of it immediately and do not let greed get the better of you.
4. Report. Report to the authorities if you feel that you will not get your money back. There is still a chance that you may get a portion of your investment back if you report it quickly.
5. Spread the word. Inform your network to protect them from getting into it. That way, you help minimize the ripple effect of the scam. As of this writing, a suspected scam is still in operation despite the fact that I have already informed the SEC.
The best way is still avoidance by being educated. As the TV commercial says “Ang kaalaman mo ang magliligtas sa iyo”. It is better to be safe than sorry.
Edmund Lao is a Registered Financial Planner who has a passion to help Filipinos invest and right way and avoid being scammed. He is known by many as the “SCAMCROW” loved by investors feared by scammers. His passion is to save Filipinos from scams and teach them to invest properly in stocks, bonds, and mutual funds. He owns the website wealth-wonder-boy.blogspot.com.
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