Sat, 23 Mar 2019

SAN FERNANDO CITY, Nov. 7 (PIA) -- As a consumer, have you been told of winning in a lottery or a raffle that you did not join? Or have been promised a high return without any risk or 100 percent guaranteed return on investment?

If yes, then those are already some of the signs of fraud and scam, the Bangko Sentral ng Philippines shared on October 25 during the Education and Financial Literacy (EFL) session before some 100 representatives of government agencies, bank agencies, students, and consumers.

Rene Carlo Joaquin Bo-ot, Bank Officer IV from the Financial Consumer Protection Department of the BSP, explained the common types of frauds and scams like popular credit card and ATM skimming, text scams, pyramiding scheme, phishing and spoofing.

Other frauds include 'dugo-dugo' scam asking the victim for money transfer in exchange for the safety of their loved ones; 'budol-budol' scam where hypnotism is being utilized to rake money from the victims; Nigerian scheme is receiving emails, fax or letter from strangers or hacked accounts of friends to ask for money or invest in a good business.

The BSP conducts regular EFL sessions to educate the general public to promote awareness and understanding of awareness and understanding of essential economic and financial issues.

Meanwhile, in the recent episode of the Kapihan sa Ilocos of the Philippine Information Agency (PIA), Beta Cervantes, officer-in-charge of BSP La Union, talked about clean note and coin policy urging consumers to give value to money.

"Unfit or dirty currency like bills with tainted or rag like appearance, with writings and coins with signs of corrosion or stained, must be exchanged in any bank," Cervantes said.

She added, "While mutilated currency or those burned, accidentally torn notes, perforated coins, must be exchanged at the BSP."

also asked consumers not to keep and hoard coins and let these coins circulate in the market to prevent "artificial shortage."

"They should realize the importance of coins and make it a habit to regularly use in payments and exact change," she added.

Presidential Decree No. 247 prohibits and penalizes defacement, mutilation, tearing, burning or destruction of BSP notes and coins.

For more information, visit or contact the La Union regional office at Quezon Avenue in San Fernando City, at (072) 888-2080/ 888-2051 and at (JNPD/JDS/PIA-1, La Union)

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