What is Recharging and Tasking Scam: SEC Warns Anew
- The Securities and Exchange Commission (SEC) has issued a warning about an emerging scam known as “recharging and tasking scam,” wherein fraudsters use fake e-commerce platforms to entice individuals into investing money with promises of commissions and rewards.
- Scammers mimic connections to reputable companies like Amazon, Shopee, Lazada, and Ebay, using deceptive schemes to encourage people to register and enroll in their platforms.
- Despite promises of commissions and rewards, the scheme closely resembles a Ponzi scheme, where new investors’ funds are used to pay fake profits to earlier investors.
As technology evolves, the ways scammers plot schemes also evolve. This new year, the Securities and Exchange Commission (SEC) has warned the public about a new emerging scam called “recharging and tasking scam.”
Table of Contents
What is Recharging and Tasking Scam?
Recharging and Tasking Scams involve fraudsters enticing people online, claiming to offer online jobs through fake e-commerce platforms.
How does it happen?
Scammers ask individuals to invest money in these schemes, promising commissions and rewards. The scammers often pose as connected to well-known companies:
- Amazon
- Shopee
- Lazada
- Ebay
- Other E-Commerce Platforms
The scheme involves introducing the platform to potential investors, encouraging them to register and enroll through their platforms. Investors can then select packages, levels, or VIP levels ranging from ₱100 to ₱50,000 and make payments or deposits (“recharge”).
Investors stand to earn commissions between 2% and 8%, along with invitation rewards ranging from ₱10,000 to ₱100,000, based on the number of individuals they successfully invite or who enroll in the offered packages, levels, or VIP levels.
However, it’s a deceptive setup, resembling a Ponzi scheme. In simple terms, they use new investors’ money to pay fake profits to earlier investors.
Red flags to watch out for
- Unrealistic Promises
Be cautious if the scheme promises unusually high returns and significant invitation rewards.
- Fake Job Offer
This scams often masquerade as online job opportunities. Verify the legitimacy of the job and the platform offering it, especially if they claim affiliation with well-known companies.
- Investment Requirement
If the scheme requires individuals to invest money upfront, especially through payments or deposits, it raises suspicion. Legitimate job opportunities typically do not demand upfront payments.
- Ponzi Scheme Structure
Ponzi schemes are unsustainable and eventually collapse.
- No Registration or License
Legitimate investment opportunities are usually regulated and registered with relevant authorities.
- Pressure to Recruit
Scammers may pressure individuals to recruit others to join the scheme, emphasizing rewards for bringing in new investors. This recruitment-focused structure is common in pyramid schemes.
- Lack of Transparency
If the details about the investment process, company background, or the people behind the scheme are unclear or undisclosed, exercise caution. Legitimate opportunities are transparent about these aspects.
SEC Reminder
The public is strongly warned not to invest in or continue investing in such scams, as they are fraudulent and unsustainable.
The Commission noted that the sale of securities in the form of investment contracts using a fraudulent and unsustainable Ponzi scheme is not registrable, and the Commission will not issue a license for such activities.
Individuals acting as salesmen, brokers, or agents of these scams may face criminal liability, including fines or imprisonment. The authorities will report all involved individuals to the Bureau of Internal Revenue (BIR) for appropriate penalties and taxes.
First Warning for a Recharging and Tasking Scam
In a January 8 advisory, the SEC cautioned the public about GOSHOP PH, an entity promoting an online platform offering online jobs with promises of high commissions for completing tasks.
The Commission emphasized that the platform, operating at https://goshopph.net, uses a fake certificate of incorporation to appear legitimate. The advisory identifies this scheme as involving the sale of securities through “investment contracts,” requiring proper registration with the SEC.
This article is published on BitPinas: What is Recharging and Tasking Scam: SEC Warns Anew
Disclaimer:
- Before investing in any cryptocurrency, it is essential that you carry out your own due diligence and seek appropriate professional advice about your specific position before making any financial decisions.
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Hi, can I retrieve the money I input to them? I’m one of the victim of this scam
Hello Allan, might be good to ask the SEC about this, their email is epd@sec.gov.ph
Hello. Magkano po inabot ng recharge nyo sa kanila? I’m one of the victim also of this kind of scam.
Hi Mads, di kami biktima nito, ni report lang namin yung sinabi ni SEC. Magkano nakuha sa iyo?
Hi mam mag Kano nakuha nila Sayo. And Hanggang what level po kayo mam..
Hello Allan, we have same problem. I also paid tax and re-taxed again but they didn’t allow me to withdraw my money. They even ask another 15% to verify the account daw. If you have an idea how to get back the money please inform me. Tnx
Victim din Po ako, 50k nakuha sa akin kawawa pamilya ko
Hanggang anong vip po kau nakapag widraw
Ako, VIP3 na.. big amount of money na Ang nakuha nila because of the tax they required…saan kaya napunta mga konsinsya nila…hay naku
Did u finish the task po ba and sis did u pay taxes, what happened.po
I have finish the taxes,they even ask twice deposita for taxes because of 60 centavos error on the first tax payment. After settling the tax, they are asking again for a code and need to pay nearly 79k because they told me that my account is abnormal, they claim that the amount will fix my account. When I ask what is the basis for that computation, they just told me that it is a fix amount. The customer service and so called manager is the same person. The way they respond when they are pressuring me. I did not yet recharge that amount ’cause I’ve already recharged almost 250k. I’m in debt and it causes emotional breakdown. If someone can advice what steps to take with this situation.
OMG! Ma’am/sir Zhy, we are very the same experience. I paid twice of taxed because the first time I withdraw, I didn’t include centavos and they said it’s a mistake, and after that they assured me that if I paid re-taxed ay pwede ko na Kunin ulit Pera ko. It took me longer to decide to pay but since I have already invested 58k including the first tax, I took a risk and paid 30% of the total amount again hoping to get the money back. Unfortunately, the costumer service refered me to a manager to get a verification code. And the manager is asking 15% again for the payment of the code. I told my self, it’s enough. Ang Tanga ko na. It damaged me emotionally and financially specially that all the money I paid for the tax is borrowed.
Karma is everywhere. Mga walang konsinsya
Hello maam. Can we talk po?
Hi maam Zhy, can i message you personally. We are the same experience.
Good day po
Ako po may nagOffer naman s telegram ngaun sa subra pangangailangan nagApply ako nagpasa ng mga requirements, nung nakapagApply na po ako pinasa kame sa ibang agents sa telegram at gumawa ng ng group chat s telegram. Sabi niya po para daw mawithdraw yung pera kailangan daw po magdala ng parang pwede collateral sa company nila at yung pangalawa naman po pagpipilian magbigay na lng daw po ng 3 months or 2 months deposit para daw po makuha ung OTP sa pagwithdraw. Hindi pa po ako nagbibigay sabi ko po kapag sahod ko na lang.Scam po ba yun?
takot po kasi baka kung hindi ko nabalikan ay ireklamo hindi ako nagbabayad.
salamat po