BDO Foundation, SEC Philippines team up to tackle investment scams

BDO Foundation, the CSR arm of BDO Unibank, has partnered with the Securities and Exchange Commission (SEC) of the Philippines to launch a new campaign aimed at strengthening investor protection and combating the rise of fraudulent investment schemes.

At the heart of the campaign are two educational videos unveiled on 4 April at the SEC headquarters in Makati City. Designed to help the public spot the red flags of financial scams, the materials are rolled out through training programmes, seminars, and the commission's social media platforms.

SEC chairperson Emilio B. Aquino acknowledged that regulatory muscle alone cannot stem the tide of investment fraud. "This is why we are thankful that we have the likes of BDO Foundation as our partners in promoting investor education among the public," he said, as quoted by Fintech News Philippines.

Don't miss: Meta warns users against shopping scams this holiday season with global campaign

The collaboration builds on the foundation laid in 2023, when BDO Foundation joined the SEC Capital Markets Promotion and Awareness Inter-Agency Network – also known as SEC CAMPAIGN – under the commission's broader financial literacy initiative, SEC CAN! This initiative seeks to bridge public and private efforts to extend financial education to wider segments of society.

Mario A. Derequito, president of BDO Foundation, reiterated the organisation's deep-rooted commitment to financial education. "We also believe investor protection is an important aspect of financial education, and by embarking on this, we will be able to better serve sectors that we are already serving, particularly teachers, OFWs (overseas Filipino workers) and their families, civil servants, and MSMEs, sectors which also comprise part of SEC's target audience," he stated.

As misinformation and get-rich-quick schemes proliferate online, this initiative signals the importance of combining media accessibility with clear, targeted messaging.

This new campaign comes amid growing concerns about the prevalence of scams in the Philippines. A recent study by the Global Anti-Scam Alliance (GASA) found that 67% of Filipinos have encountered scams at least once a month, and 76% of scams were completed within 24 hours of initial contact.

Despite the high occurrence of scams, the study highlighted a worrying reluctance to report these incidents. According to GASA, 67% of respondents did not report scams to authorities, citing reasons such as the complexity of the reporting process, fear of not being believed, or simply believing that reporting would make no difference.

The Cybercrime Investigation and Coordinating Center (CICC) issued a warning late last year about the growing prevalence of investment scams, particularly in the cryptocurrency sector. CICC executive director Alexander Ramos noted over a dozen victims of crypto and dollar scams had filed complaints, with scammers typically promising high returns on investments and creating a false sense of urgency.

"Scammers also claim that offers are limited and assert that victims might miss out on an incredible opportunity," Ramos said, cautioning the public to conduct thorough research before committing any funds.

Related articles:
Philippines faces 'big threat' as Thailand moves to legalise casinos
HKMA banks on 'despicable banana' to fight rising scams
Online scams and gambling main target of social media takedowns, says minister