Scams in the Philippines

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The Philippines is home to the most brilliant minds in the world of business. But this is not about the people found inside the pages of Fortune and Businessweek, this is about con-artists, scammers, and swindlers in the country. Below is a list of scams, illegal operations, and anomalous activities you should watch out for. Read on, click, and learn more about the different scams in the Philippines.

Caveat Emptor - buyer beware. For more information, please visit http://en.wikipedia.org/wiki/Scam

Scams

  • A Pyramid scam is a non-sustainable business model that involves the exchange of money primarily for 'enrolling' other people into the scheme. It was previously done without any product or service being delivered, but has evolved in the Philippines to take the form of a legitimate business model making it more attractive to potential investors. (more...)


  • The Ponzi scheme, named after one of the greatest swindlers in American history Charles Ponzi, is a fraudulent investment operation that involves paying abnormally high returns (profits) to investors out of the money put in by previous investors, rather than from the revenues generated by a real business. (more...)


  • Budol-budol is a scam principally involving a bundle (budol) of cash padded inside with sheets of paper cut in the size of money. Only the exposed sides however are real money, everything in between are plain paper cuttings. From the initial set-up of a stranger carrying an envelope containing a bundle of cash, a wide variety of ploys are employed by the gang. (more...)


  • Text scams are dubious text messages sent to cellular phone owners informing them they have won a special prize in a raffle, promo, or contest. To further entice cellphone owners, these texts often include the prizes the cellphone owners have allegedly won – cash, appliances, even a brand new car. (more...)


  • A High Yield Investment Program or HYIP is a type of scam usually offered via the Internet. HYIPs accept deposits as low as $1 while promising high return. It cashes in on new investors' inputs as they provide payment to the older investors. This type of scam thrives as long as new investors are found and/or old investors leave their money (because they are promised even higher profits). (more...)



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