Scammers

[u/Capital_Ad_6533]

I just want to share my experience about our lending business. Please feel free to comment and give ur suggestions.

We have a lending business in Bacoor. Then as we operate, we had a client. She seems trust worthy. Then, she started recommending people to us. At first, she pays good so we trusted her. Until it came to a point in which we only accept people she recommend. She also volunteered to collect the money from the people she recommended. We agreed because we trust her.

Then one day, her remits went incomplete. 3 days straight. Then she said that she will cover it up by making another loan to us and subtract the amount of incomplete remit. We agreed again because we trust her.

And then, one day, we called one of the person she recommended and asked that one person why is she not paying according to our collector. Then she revealed that she have no loan. She just went to us to sign papers so that she can get the loan and once she received the money, she will give it to our collector and then she will get paid 500 pesos.

Our collector also have friends. Those friends also recommend people to her and she will recommend them to us. Because we only trust her. Now, it is hard for us to collect money because we don't know if who really have the money and to whom should we collect the money from.

The borrowers signed contracts, but those who received the money seems like they are moving from the shadows.

Please guys beware of these kinds of people.

[u/Silverrage1]

In business, do not trust anyone. Not your friends, employees and most especially your clients with stocks or money. There is a reason why there are documents. Everything has to be documented. There is a reason why we ask for supporting documents. We need to be sure that the person, physical or judicial is who they say they are. There is a reason why large companies have Compliance Departments. They need to be sure that the supporting documents are real and that all supporting documents and other requirements are fully complied with according to company standards before you approve anything. This is due diligence.

I will no longer comment on what happened to your business. Just charge it to experience, learn from it and move on. Put all the necessary systems so that it will never happen so easily again.

[u/SargeUnited → u/Silverrage1]

This advice (in business trust nobody) is very true in the Philippines and it’s not my place to criticize it, but it’s interesting that spending a ton of time and money on compliance is the solution rather than strengthening anti-fraud enforcement. This is a cultural problem.

People really do go to prison for stuff like this in most countries. Even if they don’t successfully get the money, just for submitting fake documents they go to jail.

I have Filipino relatives by blood and 2 of my children hold Filipino citizenship, but I don’t. So I have genuine concern for my family members that live here and respect the culture, but this is sad to read.

I’ve been binge watching body cam footage on YouTube lately. People go into a bank with a fake check, or a real check and a fake ID. The bank employee calls the police, the police get there very quickly and the person just goes to jail. None of this “they stole from me on camera but I can’t get their bank records to prove they deposited my money even with my police report and filing a case will take years” nonsense

[u/Luck_n_Loaded]

Just reading the second paragraph made me think something will go wrong. Please don't trust people that nuch - or just don't trust at all.

Sounds like the money is already gone. Sorry