The Securities and Exchange Commission (SEC) has alerted the public to a fraudulent online platform impersonating the legitimate retailer Shopwise Inc. to lure victims into a job scam and illegal investment scheme.
The bogus entity, operating under the names "SHOPWISE.WORK" and "SHOPWISE ONLINE WORK PLATFORM," promises employment and high returns in exchange for upfront payments. The SEC stressed that the platform is not registered or authorized to solicit investments.
Investigators found the scheme follows a "tasking and recharging" model: recruits deposit money to "recharge" accounts and complete simple tasks like "grabbing orders," with promised earnings of P320 to P650. Initial deposits start as low as P119, but victims are later pressured to invest larger sums before they can withdraw any earnings—which never materialize.
The SEC flagged common red flags: unsolicited job offers on social media, promises of easy money, and requirements to join messaging groups on Viber, WhatsApp, or Telegram. Scammers often allow small initial withdrawals to build trust before demanding bigger payments.
Under the Securities Regulation Code, the scheme constitutes an investment contract—participants place money in a common enterprise expecting profits from others' efforts, making it subject to securities laws. The Commission advises the public to avoid and stop investing in this platform and similar fraudulent schemes.