DAVAO CITY—Be smart in investing.
This is the advice the Securities and Exchange Commission (SEC) could give in commemorating last week’s World Investor Week in a sharp rebuke to the spike in scamming activities in the country as crooks beguile on newbies in financial transaction, notably in mobile banking and electronic transactions, forced by the exigency of the Covid-19 pandemic.
The SEC advised Filipinos “to secure their financial future by becoming smart investors so that they may protect their hard-earned money and avoid fraudulent entities.”
It said the International Organization of Securities Commissions (Iosco) defines a smart investor “as one who researches investment opportunities independently, avoids get-rich-quick schemes and never discloses personal information on an unexpected call or other communication.”
“A smart investor should also verify that the investment professional they are transacting with is duly licensed; [and should] understand the risks that exists in all investments, and plan for investments based on their future needs and goals,” the SEC said.
Moreover, it said, a smart investor “realizes the value of sustainable finance, whether it be environmental, social, and governance investing, socially responsible investing, or impact investing.”
The SEC hosted a free online lecture and presentation last Friday showing how to spot and unmask investment scams.
The World Investor Week put a spotlight on…