Are you into online gold trading? Here’s how to evade scammers
File photo | Courtesy of Jingming Pan from Unsplash
CEBU CITY, Philippines — Are you into gold trading online? Then here are some safety tips to ensure that your hard-earned money won’t end up into a scammer’s account.
Today, the digital platform, using the e-wallet, has become a mode of payment, exchange, and trade, by some firms involved in the supply and trade of precious metal and gold products.
On December 17, a group of financial experts, entrepreneurs, and information technology (IT) experts gathered in a hotel in Cebu City for the launching of a Malaysian firm that focuses on metal and gold trading.
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Jose Clifford Ramos, an Accounting professor at the University of Santo Tomas, said that people should only pay or use the e-wallet that is registered by the regulators in the country.
(From left) Jose Clifford Ramos and Francisco Colayco
These refer to e-wallet platforms that are governed by regulations set by the Bangko Sentral ng Pilipinas (BSP).
Meanwhile, Francisco Colayco, a renowned financial advisor, said that there are more scammers than “real” traders, so one of the things that the consumers must take into account is the license of the business they want to deal with.
“Once you proved that it is an accepted BSP wallet, you’re almost sure it went through a very rigorous review,” said Colayco.
“The idea of getting scammed is so real. The fear is so real,” Colayco added.
Blockchain-enabled system
Emmanuel Samson
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Emmanuel Samson, an entrepreneur and marketing strategist of Quantum Metal, a Malaysian based company that deals in the trade of gold and other precious metals, said that it would be better to enter into an ecosystem where everybody is like-minded and knows they have to be compliant, hence not opting into scamming.
Samson added that before the official licenses are released, they also go through a diligence of technology or an analysis of the product. Blockchain-enabled e-wallets are the best examples. Some mobile payment services in the Philippines are blockchain-enabled.
“Blockchain is one of the most secure platforms. We cannot hack into a blockchain system,” he said.
READ: Cops nab 4 for selling allegedly fake gold bars
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