RLECC Inter–agency Task Force cautions public against investment and online scams

BAGUIO CITY (PIA) – – In this digital age where online investing and financial transactions are thriving, the public  is enjoined to be responsible investors and consumers by protecting themselves from  scams and frauds.

Cordillera Regional Law Enforcement Coordinating Committee (RLECC) Inter – Agency Task Force Against Investment and Online Scams Chairperson,  Securities and Exchange Commission (SEC) Baguio Director Atty. Regina May Cajucom – De Guzman reminded  the public to always investigate first before  investing.

It is important to look first if the entity  you plan  to invest in is legitimate or registered, and if it has  a secondary license to engage in investment solicitation to the public, as well as if  its  investment products and services are also registered.

De Guzman  also  cautioned  the public  on  promises of high earnings or rate of returns for their investment.

SEC Baguio Director Atty. Regina May Cajucom – De Guzman (with mic) leads other members of the RLECC Task Force Against Investments and Online Scams in giving advices and tips on how to prevent investments and online scams. (CCD/PIA CAR)

“If it is too good to be true, it must be scam. If it has ridiculously high returns compared to the rates of ordinary savings and time deposits of legitimate banking institutions,” she said.

De Guzman shared that SEC Baguio provides information, handles complaints and investigates violations related to the Securities Regulation Code, unauthorized public solicitation of investments and  complaints against lending Apps that are connected to registered lending or financing companies.

RLECC Task Force Vice Chairperson, Philippine National Police Regional Anti – Crime Unit (RACU) Chief PCol  Ma. Theresa Pucay  also reminds the public to always be cautious when investing or transacting online, as online scams are on increasing trend.

Pucay reported that RACU- CAR has already recorded 148 cybercrime cases this year, up from the 101 cases recorded from January 1 to November 15, 2022.  The cases involve  estafa, access device, identity theft, hacking, online threat, extortion and violations of Republic Acts 9262 (Violence Against Women and Children Act) and 7610 (Act Providing for Stronger Deterrence and Special Protection Against Child Abuse).

She reiterated the Task Force’s advice to the public to be very careful when transacting online, especially when it involves their hard-earned money.

The PNP RACU – CAR handles  all violations or criminal cases that are committed via online or the cyberspace. The office is close coordination with SEC if the case involves investment scams or violations.

De Guzman and Pucay were  guests in  the Kapihan sa Baguio here on November 22.

They were joined  by other TF members Bangko Sentral ng Pilipinas North Luzon Regional Office Director Noel Neil Malimban who talked about banks and money service businesses,  Department of Trade and Industry – Cordillera OIC Assistant Regional Director Atty. Sam Gallardo who expounded  on consumer welfare and protection, Criminal Investigation and Detection Group Asst. Regional Chief PCOL. Carlos Lictag and Dept.  of Information and Communication Technology Cybersecurity Focal Person Dun Vincent Bueno who shared information on their cybersecurity- related mandates.

BSP North Luzon Regional Officer Director Atty. Noel Neil Malimban outlines the importance of transacting only with legitimate banking and money service businesses during online transactions. Also in photo are DTI – CAR OIC Asst. Regional Director Atty Sam Gallardo (left) and Dun Vincent Bueno of DICT (right). (CCD/PIA CAR)

The RLECC Task Force officials also gave updates on the plans and roadmap that it will be pursuing in the fight against investments and online scams. (JDP/CCD-PIA CAR)

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