Financial scams targeting savers proliferated during the coronavirus disease 2019 (Covid-19) pandemic, and even the deposit insurance system was not spared by ruthless scammers.
Having discovered three fraudulent schemes that misrepresented deposit insurance, the Philippine Deposit Insurance Corporation (PDIC), in coordination with concerned government and private agencies, immediately issued advisories to the public on its website and official Facebook page.
“The scams involved misrepresentation of the PDIC by certain individuals posing as employees who, by using fake documents, are able to lure victims either to believe that they can help them recover investments lost in the stock market for a fee, or tricks them into paying a sum of money in order to receive funds remitted from another country through the issuance of surety bonds for tax payments,” the PDIC said in a statement.
In another scam, a fake document purportedly issued by a bank with forged signatures of officials claims that international bank transactions require PDIC insurance for a fee.
The PDIC is thus advising the public to ignore calls, messages or emails from individuals with “too good to be true” promises or information regarding return of investments, deposit insurance, money transfers or any financial-related transactions. In addition, the public was reminded to not give personal and
sensitive financial information, to any person who claims to be an employee of a financial institution or government agency without verifying their documents and credibility.
“Scammers often pretend to be contacting individuals on behalf of a financial institution or government agency, and the best way to check their legitimacy is to directly contact the institution they say they are representing,” it added.
The PDIC is also encouraging the public to visit its website, www.pdic.gov.ph, for information and updates on PDIC. SOVEREIGNPH