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OFWs taught how to detect pyramid scheme

28 March 2016

A total of 65 Filipino migrant workers took part in an unusual financial literacy seminar offered by the CARD OFW Hong Kong Foundation on Mar 2 at the Bayanihan Centre in Kennedy Town.
For the first time, the lecture given by CARD HK vice-chairman Alex Aquino focused on how one can detect a pyramid scam.
According to Aquino, there are eight ways to test if a business or investment service offered is a scam:

  1. 1. Is there a tangible product that is being sold? 
  2. 2. Are commissions paid on the sale of products and not on registration or entry fees? 
  3. 3. Is the intention to sell a product and  not a position? 
  4. 4. Is there no direct correlation between the number of recruits and compensation? 
  5. 5. If recruitment were to be stopped today, would the participants still make money? 
  6. 6. Is there a reasonable return product policy? 
  7. 7. Do the products being sold have fair market value? 
  8. 8. Is the product attractive to be bought on its own merit? 

31st batch of the financial literacy seminar offered by CARD OFW HK Foundation listen attentively when they were taught how to detect a scam.
But these are not exhaustive, meaning other questions may be raised to complete the test, like if the company or individual selling the  product/service (if any), is registered to sell the products. And if yes, where? If the answer to all questions is yes, does the company being evaluated is a legitimate company?
If the answer to even just one of the questions is no, then there is a high probability that it is a pyramid scam. In any case there is a need to study what is being offered very carefully. The next schedule for the Financial Literacy seminar will be on April 24. For reservation and inquiries: 95296392 or 54238196.-- Marites Palma

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