DMW warns OFWs vs investment scams

DMW warns OFWs vs investment scams

THE Department of Migrant Workers (DMW) on Friday, April 19, 2024, warned overseas Filipino workers (OFWs) and their families against the presence of investment scams coursed through allegedly legitimate investment platforms. 

In a statement, the DMW said OFWs and their families must be vigilant against using platforms such as "Trade 13.0 Serax," which is involved in cryptocurrency trading. 

"DMW warns against scams involving allegedly legitimate investment platforms, predatory practices, and other fraudulent activities," said the DMW. 

"This proactive measure is especially for protecting overseas Filipino workers and their families," it furthered. 

The department said "Trade 13.0 Serax" is not a registered nor accredited corporation, partnership, or one-person corporation, according to the Securities and Exchange Commission (SEC). 

It also noted how the platform uses deceptive tactics, such as clickbait, or a catchy headline purportedly from a reputable news organization, to lure Filipinos into investing their hard-earned money. 

"The website also offers a return on investment (ROI) that is too good to be true, thus further enticing prospective investors with unverified testimonials from personalities or celebrities," said DMW. 

Previously, the DMW has pushed for better financial literacy training courses for OFWs. (HDT/SunStar Philippines)

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