THE Securities and Exchange Commission (SEC) has warned the public against a fraudulent online scheme using the name “Shopwise” to lure victims via job offers that require monetary “recharges.”
In an April 29 advisory, the SEC said that an entity operating as “SHOPWISE.WORK” or “Shopwise Online Work Platform” was not connected with Shopwise Inc. and was also not authorized to solicit investments from the public.
The regulator said the “tasking and recharging” scheme required recruits to deposit an initial amount of as low as P119 to begin working on online tasks.
Participants are promised earnings ranging from P320 to P650 after completing the tasks, but are later required to deposit more funds before they can withdraw their supposed profits.
“After the assigned tasks are completed, the recruit is obliged to recharge or invest money before he could withdraw his earnings,” the SEC said.
The commission said the victims are ultimately unable to withdraw their funds and are instead pressured to make additional payments, which never result in actual payouts.
The SEC said scammers initially allow small withdrawals to create the illusion of legitimacy before demanding larger sums from participants.
The scheme, the regulator added, bears the characteristics of an investment contract where money is placed in a common enterprise with the expectation of profits.
Based on its records, the SEC said the entity was not registered as a corporation or partnership and was operating without the necessary license or authority to solicit investments.
The commission urged the public to avoid similar schemes that combine job offers with investment requirements, warning that promises of high returns with minimal effort are often indicators of fraud.
Individuals with information on the scheme were encouraged to report to the SEC’s Enforcement and Investor Protection Department through its online portal or at its Makati office.
