The Securities and Exchange Commission (SEC) is warning the public against dealing with persons or groups involved in schemes that supposedly offer assistance to help scam victims recover their lost funds, but are actually designed to defraud them a second time.

In an advisory, the SEC stated that the scheme, commonly referred to as a “recovery” or “advance-fee recovery scam,” is often offered or perpetrated through Facebook pages, online groups, and other social media platforms.

“The operators of these accounts or entities are not authorized by the SEC to provide recovery services,” the Commission said.

Aside from offering recovery of funds, scam perpetrators typically misrepresent affiliation with government agencies or law enforcement authorities; fabricate testimonials, documents, or credentials to make it appear that they are engaged in legitimate business operations; and employ high-pressure tactics to persuade victims to avail themselves of their services.

Victims of scams are encouraged to report their complaints directly to the relevant authorities. The public may also contact the SEC Enforcement and Investor Protection Department at [email protected] for assistance or inquiries.

The Commission remains unwavering in its efforts to stamp out illegal investment-taking activities through financial literacy campaigns and public advisories.

You may visit the SEC website at www.sec.gov.ph to know more about the Commission’s enforcement actions and investor education campaigns.