Marcos warns public vs. online scams, ‘too good to be true’ deals

President Ferdinand "Bongbong" Marcos Jr. on Thursday warned the public against online scams, including deals that are "too good to be true."

In an ambush interview, Marcos was asked how will the government, through the Securities and Exchange Commission (SEC), protect the public from online lenders and investment scammers.

"So, we just have to be very, very watchful and we have to be very, very careful and also be aware of the new technologies, of the new ways in which we can prevent these kinds of things. But it really comes down to the public," Marcos said.

"My advice to the public is that when you get a message and there is a deal being presented and it sounds too good to be true, it is," he added.

According to the President, there is no such thing as 100% risk-free when it comes to deals.

"There is no way to guarantee these enormous returns on what they are claiming, on the money that you put, that you give them," said Marcos.

"If the public is aware and knows and is able to spot because of the way that these scams are presented, then that is the best defense that we have," he added.

Recently, victims who were harassed and intimidated by online lending platforms' collection agents filed various complaints with the Philippine National Police Anti-Cybercrime Group.

SIM card registration

Marcos mentioned that the SIM Card registration has been a huge step in eradicating these online scams.

"I think we are getting to the point where we have disposed of or taken out of the system many of the SIM cards that have not been registered because they have been used for illegal purposes and for these scams that we have been hearing about," Marcos said.

Marcos said the government would continue to strengthen capabilities against these online scams.

"Every defense or every capability that we develop to block or to catch or to nullify this kind of transactions, of course they come up with new technology, they come up with new techniques," he said. — RSJ, GMA Integrated News