SEC taps TikTok to boost fight vs investment scams

The Securities and Exchange Commission (SEC) has started teaming up with social media giants as part of efforts to curb rising cases of investment scams.

The commission just sealed a memorandum of understanding with TikTok, one of the top social media platforms for Filipinos, to boost awareness on illegal investment schemes.

Citing a recent report from Global Anti-Scam Alliance, it said that over 75 percent of Filipino adults had encountered at least one scam in the past year.

SEC Commissioner Rogelio Quevedo even warned that the problem is even worse, as it now includes human trafficking.

“These are not just investment scams, trafficking is also involved. They kidnap people to work. They’re being enticed with promises,” the official told reporters.

“Let us not expect that a miracle will happen, that is where the scammers thrive,” he added.

Quevedo urged the public to remain vigilant and discerning if they receive offers that are too good to be true.

Under the SEC’s partnership, TikTok has committed to release a series of videos to educate Filipino netizens about the common financial and investment scams and how not to become victims of these frauds.

For its part, the commission said it would flag suspected content to TikTok’s Chinese owner, ByteDance.

“The SEC is continuously finding ways to reach more people and spread our message of financial literacy to ensure that every Filipino has the knowledge and tools to make smart and informed investment decisions,” said Quevedo.

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“Through our partnership with TikTok, we are able to spread our message to more Filipinos and provide clear and practical guidance on how they can protect their hard-earned money, especially during the holiday season,” he added.

The short-form video social media platform has at least 50 million users in the Philippines.

“This is the first, because we’re going to have it with other platforms, like Facebook, Google,” he said.

Aside from tapping social media’s reach, Quevedo said the SEC is also looking at working with the Blockchain Council to use blockchain technology to go after fraudulent practices.