Scam warning

We’ve been contacted by many people in the last few weeks who have fallen victim to scams.

The really bad news, the upsetting news, is that scammers seem to be working even harder during Covid to steal our money than ever before. They realise that we’re all short of money these days and many of us are desperate to make some more. So desperate that we make some foolish decisions.

Let me give you an example. In fact, it’s the experience of several victims. They were approached by people on Facebook claiming that they had a remarkable “investment” opportunity called Marginbase. Specifically, they said that if someone invested P3,800 with their scheme, they would earn P53,950 within 7 days.

Just think about that for a moment. They say you can multiply your money by 14 times in a week. If that was true and you invested your P3,800, multiplied it 14 times in just a week and then repeatedly reinvested the money, after 5 weeks you would have more than P2 billion. After three months you would have more money than has ever existed in the history of the world.

Obviously, this is a scam. It’s all a trick to get the P3,800 and it’s not the only scam like this operating right now.

They all make promises of fantastic profits and all demand between P1,000 and P5,000 to join. It’s important to know that the joining fee is just the beginning. Once you’ve invested, a fake web page will show that you’re making lots of money and they’ll encourage you to invest even more and who wouldn’t be tempted? They say you’re making amazing amounts of money and you want to make even more.

Of course, the problem comes when you try to withdraw your money. That’s when they’ll put up barriers. They’ll either say that you need to pay a commission or premium to get your money or they’ll claim computer problems or that their systems have been hacked. They’ll do their best to keep your money, all while reminding you how much money they claim you’re making.

The lesson from this is never to believe anyone who promises you fantastic profits on a relatively small investment. No genuine investment makes miraculous profits and anyone who says they can is either lying, insane or misguided. Please don’t waste your money because a stranger, or worse still, someone you know, suggests that you can make a fortune. You’ll never see the profits they promise and you’ll never see the money you gave them again.