SEC flags fake Shopwise scam

The Securities and Exchange Commission (SEC) has raised the alarm over a fake “Shopwise” online platform, warning the public of a growing wave of job-linked investment scams that leave victims unable to recover their money.

In an advisory on Friday, the SEC said the entity “Shopwise. Work/Shopwise Online Work Platform” is impersonating the legitimate Shopwise Inc. to illegally solicit funds, using what it described as a “Job Offer Scam” or “Tasking and Recharging Scheme.”

The pitch appears simple: recruits are offered full-time or part-time online work, but must first “recharge,” or invest, at least P119 into a digital wallet. 

Once inside the system, users are given tasks such as “grabbing orders,” with a promised P20 bonus and supposed earnings ranging from P320 to P650 after completion.

According to the SEC, recruits find themselves unable to withdraw any earnings. Instead, they are pushed to deposit more money under the guise of unlocking their funds—until they eventually realize they have been scammed.

The regulator said the scheme exploits the appeal of easy online income, a tactic increasingly used by fraudsters to target jobseekers and individuals looking for side hustles.

Those who encounter individuals or groups representing “Shopwise. Work/Shopwise Online Work Platform” are urged to report them through the SEC iMessage Platform at https://imessage.sec.gov.ph or to visit the SEC Enforcement and Investor Protection Department at the SEC Headquarters in Makati City.

“The Commission remains unwavering in its efforts to stamp out illegal investment-taking activities through financial literacy campaigns and advisories to the public,” the SEC said.

The agency added that the public can visit www.sec.gov.ph for more information on enforcement actions and investor education campaigns.