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SEC says investment scams surged in 2020 amid lockdown

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MANILA - The number of advisories meant to warn the public against investment scams surged in 2020 compared to 2019 as millions of Filipinos stuck at home sought ways to grow their money, the Securiti

es and Exchange Commission said Wednesday.

"In the ECQ period alone, there were, I think, 37-38 advisories were issued in that short span of time, because apparently, scammers took advantage of the fact that people are confined to their homes," Aquino said. Millions of Filipinos were forced to stay at home when the COVID-19 lockdown was imposed in mid-March last year. Those stuck in their homes relied on online services for their daily needs.

 

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