SEC Warns of ‘Recovery Scam’ Schemes in the Philippines

The Securities and Exchange Commission has issued a public warning against “recovery” or advance‑fee recovery scams in the Philippines, flagging social media pages and online groups that pretend to help fraud victims but are actually engineered to defraud them again.

What the SEC Flagged

In its latest advisory, the regulator said certain Facebook pages, online communities, and similar accounts are misrepresenting themselves as recovery specialists and soliciting fees or sensitive data from already vulnerable victims. The SEC stressed these online accounts are not authorized by the Commission, have no legal authority to provide recovery services, and are being used as tools to exploit those who have already suffered losses.

How the Scam Works

According to the advisory, perpetrators typically promise to recover funds previously lost to scams in exchange for upfront payments or personal information, then disappear after collecting the “advance fee.” Operators also impersonate or falsely claim affiliation with government or law enforcement agencies, and bolster credibility with fabricated testimonials, documents, or credentials to create a veneer of legitimacy. The SEC added that scammers often deploy high‑pressure payment tactics to coerce immediate remittances and push victims to divulge sensitive financial or identity details.

What To Do

The Commission warned the public not to transact with, send money to, or disclose personal information to such individuals or groups, and strongly urged scam victims to lodge complaints directly with the proper authorities for appropriate action. As an added awareness note, readers should verify any “recovery” offer claiming ties to regulators or law enforcement, avoid upfront payments to unsolicited “agents,” and report suspicious pages and posts to platforms and authorities to prevent further victimization.