Regulators are starting to pay attention to the plague of “click a button” app Ponzis that have sprung up.
The first regulatory fraud warning specifically pertaining to the scams has been issued by the Philippine SEC.
Identifying “click a button” app Ponzis as “recharging and tasking scams”, the Philippine SEC warns they
offer purported online jobs through their E-Commerce Platforms like grabbing orders as the identified task.
Then they will discus/introduce to investors that the latter can also invest in the said platform by registering/enrolling first through their platforms.
Investors then choose from any PACKAGES, LEVELS or VIP Levels ranging from Php100.00 up to Php 50,000.00 and simply “Recharge” or pay, deposit or remit money.
These individuals or group of persons are using/copying the E-Commerce Platforms of known online players such as AMAZON, SHOPEE, LAZADA, EBAY and the like and they pretend that they are connected with these entities by presenting I.D.s and DTI Certificates of Authorization.
This kind of scam will last just up to a month. Thereafter, the websites or links used by perpetrators for operation cannot be accessed anymore. Then these individuals or group of persons will change the name of their entities and websites.
This is in line with what BehindMLM has observed.
Every “click a button” app Ponzi I’ve come across thus far is operated by Chinese scammers.
Specific “click a button” app Ponzis we can confirm targeted the Philippines include 365Ball and EFG Football.
As opposed to the e-commerce variant described by the SEC, these two use the sports betting Ponzi ruse.
RECHARGING AND TASKING SCAMS involve the offering and sale of securities in the form of “investment contracts” as defined under Section 3.1 of the Securities Regulation Code.
As such, the Securities Regulation Code (SRC) requires that said offer and sale of securities must be duly registered with the Commission and that the concerned entity and/or its agents should have the appropriate registration and/or license to sell such securities to the public.
Further, RECHARGING AND TASKING SCAMS, shows indication of a possible “Ponzi Scheme” where monies from new investors are used in paying “fake profits” to prior investors and is designed mainly to favor its top recruiters and prior risk takers and is detrimental to subsequent members in case of scarcity of new investors.
Promoters of “click a button” app Ponzi schemes in the Philippines run the risk of a 5 million PHP fine or twenty-one year prison sentence.