SEC flags fake ‘Shopwise’ platform
The Securities and Exchange Commission (SEC) has warned the public against a fake online platform posing as a job provider while illegally soliciting investments.
In an advisory, the regulator said a bogus entity operating under the names “SHOPWISE.WORK” and “SHOPWISE ONLINE WORK PLATFORM” has been impersonating Shopwise Inc. to lure victims into a fraudulent scheme.
The SEC stressed that this platform is not authorized to solicit investments. The regulator noted that it operates without the necessary registration, license or authority from the commission.
Based on its investigation, the scheme uses a so-called “job offer scam” or “tasking and recharging scheme.” Recruits are required to deposit money or “recharge” accounts to perform online tasks in exchange for promised returns.
The advisory said that victims are initially enticed with small capital requirements, starting at P119. They are assigned tasks, such as “grabbing orders,” with supposed earnings ranging from P320 to P650.
However, the SEC noted that the operation only gives the appearance of legitimate work.
In reality, there is no actual job and participants are repeatedly asked to invest more money before they can withdraw earnings, which never materialize.
The SEC identified common red flags of such scams. These include unsolicited job offers via social media, promises of high returns with minimal effort and requirements to join messaging groups on platforms like Viber, WhatsApp or Telegram.
The Commission added that victims are often allowed to withdraw small initial earnings to build trust before being compelled to invest larger amounts.
The regulator said that the scheme constitutes an “investment contract,” where money is placed in a common enterprise with an expectation of profits derived from the efforts of others. This makes the activity subject to securities laws.
As such, the Commission warned the public to avoid and stop investing in this platform and similar schemes.
