SEC warns against online groups preying on scam victims

The Securities and Exchange Commission (SEC) on Friday cautioned the public against persons and groups offering supposed assistance to scam victims through social media platforms, warning that such schemes are meant to defraud them a second time.

In a statement, the SEC said these offers circulate via Facebook pages, online groups, and other platforms, and typically involve promises to recover funds lost to fraudulent schemes in exchange for advance fees or sensitive personal information.

The agency noted that perpetrators misrepresent themselves as affiliated with government agencies or law enforcement authorities without legal basis, fabricate documents and testimonials to appear legitimate, and use high-pressure tactics to force victims into paying or disclosing financial details.

“These online accounts or entities are not authorized by the Commission and have no legal authority to provide recovery services. On the contrary, they are being utilized as instruments to exploit already vulnerable victims,” the SEC stressed.

The Commission urged the public not to transact with or provide any money or information to such groups and instead file complaints directly with proper authorities.

For assistance, inquiries may be directed to the SEC’s Enforcement and Investor Protection Department via email at epd@sec.gov.ph.