Why does the Philippines attract financial fraud?

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financial fraud
financial fraud

Dr. Stephen Cutler is an analyst of security in the Philippines. He also served in an FBI and now helps anti-laundering. So why is the Philippines attracting financial fraud?  Money is stolen from the central bank and it was laundered into the gambling industry. Scams are very common in the Philippines.

The Philippines is a beautiful country and it is filled with adventure, cultural discovery, and diversity. But, even while traveling, risk and danger will be always in your way.

Even while using ATM machines, there is a funny thing that not all of them can be trusted. There are attached devices from where criminals are stealing the information from the cards. Sometimes, even the public WiFi can lead to hackers accessing your passwords and banking information. So, there is a really bad attraction within the Philippines and frauds. The entire system is not taking care of the weak cybersecurity, also, corruption is the main thing that should bother the country, but there is nothing changing rapidly on that problem.

The amount of mobile banking and mobile users is a useful way to reach a mass audience without spending money. During the financial frauds, the criminals are making schemes where they use the internet as one of their components to deprive a person of their interests. After that, they either steal money from them or make their information public, which is also a crime. 

Surprisingly, more and more businesses are using the internet and other forms of online communication to make transactions. On the other hand, there is a rapid rise in scams within electronic communications, so it is kind of strange that businesses still choose to use the internet that much when they know that the cyber protection in the Philippines is not so developed. 

Frauds and their schemes are spread on the internet and the individuals and businesses are trusting them and losing millions of dollars each year. The computer viruses that are spread in the Philippines are collecting the data and information about people and then they are using them to make some financial wrongdoings. 20 years ago, the situation was less dramatic but as for now, when the internet is a part of our lives, the users are experiencing more and more scams by just surfing online. 

Internet security in the Philippines is in a need of development. The same scammers are attacking the people and they either don’t remember them or just trust them again, without any reason. One can learn how to recognize a scam by researching the danger signs of fraud on the internet. There are some webpages where they are kinda selling something and you are believing them because it just looks like online magazines but then you are giving them your bank information and they are stealing the money from your account. What you are doing in the first place? Well, you call your bank as soon as possible. Report the scam and try to make sure that the law enforcement agencies are knowing about this scam’s existence. 

The Philippines are continuing to deal with this problem and still illegal cyber activity is not going away from the country. Businesses from micro to multinationals are affected by it because they are having the investments and they are losing the money. 

Types of frauds in the Philippines

The scams can come to a person with a letter, text, or email. It can be a lottery scam or scam which promises to get rich by buying the cryptocurrencies that are not even real and they are using the big trading industry company names. Of course, the scammers are always choosing legitimate names in order to seem trustworthy. The scammers will ask you to pay some little fees in order to release your prize, winnings, or currencies, but what they are interested in is banking information. For example, the biggest foreign exchange market in the world is experiencing strange losses in the Philippines because of the people who are using the name of Forex in order to make people believe that they are going to help them to get rich. The huge number of traders are done on a daily basis in forex trading and the Philippines are joining them rapidly because it is a really good way to have some additional or maybe the main income in your life. It also doesn’t require 9 to 5 work to make some differences in your financial situation. That is why people are doing extra research in order to find the legit brokerages to start trading in the FX market. The best way someone is looking for a broker is to look at licensed brokers because they will make sure that your money is in a safe place and the trading choices will be as smart as it gets. Forex brokers with a BSP license are offering a transparent and secure financial environment in the Philippines. This can be a fresh start after the scammers and frauds who are offering the systems which will complicate your savings and expectations about the trading industry. BSP is the central bank in the Philippines and they are very closely looking at the economy and its factors in order to provide a stable and growing trading platform. BSP brokers are also providing numerous guidelines and financial names to follow in order to not be involved with scammers. The risk of losing the money is quite high in the Forex market, but if the trader is educated and smart enough to not make the poor decisions, then they are destined to become successful in a very short amount of time. 

Senior managers in the banks are admitting that the accounts and the information about the individuals are opened and stolen with “Show money”. This is making the Philippines seem less attractive to invest in and this needs to be changed if the country would like to have foreign investors. 

The poor reputation of the Protection programs from the Philippine Department is a part of the proven they are working with. People who once wanted to move to the Philippines to build their lives there are trying to choose another place to rebuild their lives, because who wants to get involved with scammers and frauds? No one. 

The people and the government are thinking about new ways of evolving the situation in the country. The banks in the Philippines and their regulators are starting to support transparency and the global state of the art of making banking processes clear and safe.

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