BSP warns the public versus text scams

Rappler.com
BSP warns the public versus text scams
Apart from the central bank, the Philippine Stock Exchange also warns the investing public against ‘too good to be true’ investment schemes

MANILA, Philippines – The Bangko Sentral ng Pilipinas (BSP) issued an advisory Wednesday, May 13, warning the public on persistent SMS scams.

Such scams declare that the receiver won in a purportedly electronic or mobile number-based raffle or lottery, allegedly sponsored by the central bank or its official or representative. 

To claim the prize money, the receiver is instructed to deposit a sum of money or send a prepaid load to the sender’s account.

The sender would even quote a government approval number, usually from the “Department of Trade and Industry.”

“BSP does not sponsor or engage in any games of chance, lottery or raffle of such nature,” the BSP said.

The central bank added that recipients should not reply to the sender, block the number, and file a complaint to the National Telecommunications Commission (NTC).

The complainant may accomplish the NTC form or email the commission to alert about such an SMS scam.

For further clarification, you may contact:

Financial Consumer Protection Department
Supervision and Examination Sector
Bangko Sentral ng Pilipinas
5/F, Multi-Storey Building, BSP Complex
A. Mabini Street, Malate, 1004 Manila
Email: consumeraffairs@bsp.gov.ph
Telephone: +632 708 7087 (direct line); +632 708-7701 local 2584 (trunk line)

Be more discerning

The Philippine Stock Exchange, Incorporated (PSE), meanwhile, also issued a similar warning on May 12, and advised the public to be more discerning and cautious about investment solicitations and transactions.

Investors are also cautioned not to be swayed by unauthorized discounted pricing schemes offered to attract people to buy shares.

The PSE warns listed companies, trading participants, and the public about the unauthorized use of the name of PSE President and CEO Hans B. Sicat in solicitations and business contracts. It cited reports about individuals posing as Sicat who called different companies asking for money or giving updates on alleged PSE dealings.

The PSE enjoins potential investors to only deal with PSE-accredited brokerage firms, the list of which is available on the PSE website.  Rappler.com

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