Tag Archives: scams

Ponzi Schemes in the Philippines

Ponzi schemes haveĀ been in existence for almost a hundred years. It’s amazing how these fraudulent “investment” schemes are still flourishing to this very day, even with the fast dissemination of information through social media and other modern means of communication. Let’s take a look at the documented Ponzi schemes in the Philippines. Continue reading

Phishing and Rescue-a-Friend / Traveler Scam

Anyone who uses the internet knows, or should know by now, the trick known as phishing, which refers to ways of acquiring sensitive account access information such as passwords. It could be an email purportedly from yahoo or the administrator asking you to reconfirm and enter your username/password so the account won’t be deleted. Those who fall for it give out their account details. It could be a bank account, which would be more problematic. The account is not deleted, alright, but it falls in the scammer’s control. This is an old trick or scam. Continue reading

Top 10 Internet Scams

We’ve started listing down various schemes and schemes, some of which are internet-based. There’s an informative article on Top Ten Internet Scams, which article is culled from an unlikely source – the Philippine Overseas Employment Administration (POEA). We’ve already listed some very useful government agency sites and we’re adding the POEA to the list. Here’s the full article, courtesy of the POEA: Continue reading

Boiler Room Schemes: What is it and How to Spot One

We’ve discussed some scams that have victimized, and will probably victimize more, of our fellow Filipinos, even non-Filipinos. These scams include Ponzi and pyramiding schemes, various internet scams, and different variations of Nigerian scams. It appears that certain scams are evolving, while new scams are created with each passing day. Just today, we received this email from Brian: Continue reading

“Lucky Winner” Scam

We’ve discussed some scams that have victimized, and will probably victimize more, of our fellow Filipinos, even non-Filipinos. These scams include Ponzi and pyramiding schemes, various internet scams, and different variations of Nigerian scams. It appears that certain scams are evolving, while new scams are created with each passing day. Just today, we received this email from Brian: Continue reading

Ponzi Scam and the Menil Case

We have a number of discussions on the Ponzi and pyramiding scams in this blog. There’s a discussion of an actual case, the Panata Foundation case. The 2000 case of People vs. Menil, Jr. (G.R. No. 115054-66) involves a strikingly similar scheme. It’s really amazing how this scam still works despite almost a hundred years of existence. Maybe people have this nagging doubt that such get-rich scheme is highly suspicious, but rational thinking is oftentimes clouded by the very same reason — the prospect of getting rich quickly. Continue reading

Ponzi Scam – the Case of Panata Foundation

Greed has always been one of man’s failings. The hope of greater gain has lured many a man to throw caution, and his common sense, to the wind. This human foible, known to many, has been exploited throughout the ages by con men, charlatans and cheats to bilk the gullible public of their hard-earned money. History has thus seen the unraveling of various disingenuous stratagems which are at bottom nothing but scams. The case at hand once again proves that “a sucker is born every minute.” Continue reading

Ponzi and Pyramid Schemes: Internet-based Ponzi Schemes

The Ponzi-type scheme again reared its ugly head with the recent FrancSwiss scam. A Ponzi scheme is a type of fraudulent transaction named after Charles Ponzi, who, as noted by the US SEC, “duped thousands of New England residents into investing in a postage stamp speculation scheme back in the 1920s.

Continue reading