Pyramid scheme and networking are some common business investment scams here in the Philippine. Pyramid Schemes also referred to as franchise fraud or networking. These are marketing strategies and investment scams in which an individual is offered a distributorship or franchise to market a particular product. The real profit is earned, not by the sale of the product, but by the sale of new distributorships When the idea of franchising was first introduced to the public, the same words were also in the minds of people lacking knowledge in business. Franchising is a business that takes away the hassle of creating a business system from scratch. If you have been in business, you already realize that putting a business is a big challenge and includes real hard work.
Here are some tips on how to detect if you’re joining in Network Marketing company which considered as a scammer.
- Networking company should be registered whether in DTI (Department of Trade and Industry) or in SEC Registration (Security and Exchnage Commission). In the Philippines, the company should have necessary permits, licenses, clearances and other documents from the regulatory agencies of the government.
- Authentic Products and Services. The products should be BFAD (Bureau of Foods and Drugs) approved if you’re selling food supplements or medicines.
- The People Behind the Company. You must know who are the people working in that company, its history and background. If they are really employed there.
Keep in mind that the best way not to go on this scams is to educate yourself and do a lot of research before you proceed in any business investment. When you detect these signs of business investment scams, go for more investigations. If you can’t do on your own that is the time you can ask for help in private detectives or private investigators. For more information in Philippine private detectives or Philippine private investigators, click here for more information.
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