Top 5 ways to prevent being scammed online

Buying and selling goods in the philippines through websites be very lucrative either as a fulltime merchant or as a sideline job. However, there are certain instances when earning a buck quickly can tempt someone to take advantage of others through fraudulent means. Here are a few tips on how to avoid getting scammed when engaging in buy and sell Philippines.

1. Don’t take opportunities that ask you to PAY to participate.

When doing buy and sell in the Philippines or any other business activity online, you should make sure that you are paying for the correct services and that you will not be charged any hidden fees that are not related to your purchase. When participating in buy and sell Philippines, many products may come up that have offers that are free or are to good to be true. Usually, these are dubious in nature and you could end up paying for more. Free ad sites such as Buy and Sell Philippines also advertise opportunities in making money on line through paid survey sites. Make sure that these sites do not charge sign up fees as they should be the ones paying you for your services.

2. Avoid Ponzi schemes.

Ponzi schemes are named after Charles Ponzi, a well-known racketeer from the 1920s who put up fraudulent investment schemes that promised big pay-outs to people who would invest. The modern version of the Ponzi schemes are now called high yield investment projects (HYIPs) and are usually encountered when doing buy and sell Philippines.  The Bangko Sentral ng Pilipinas and Securites and Exchange Commission have likewise issued statements that anyone participating in on-line Ponzi schemes or HYIPs that can be found when engaging in buy and sell Philippines will be dealt with by the law accordingly.

3. Avoid pyramid schemes or fake network marketing.

Similar to Ponzi schemes, pyramid schemes and fake network marketing schemes are just fraudulent ways for scammers to earn. Pyramid schemes through buy and sell Philippines activities only promise big returns to those who started the business while those in the lower tier do not get their investments back. One can stumble across these pyramid schemes masquerading as business opportunities or exclusive memberships and access to products while doing buy and sell Philippines.

4. Study how deposit systems work, spot the fake ones.

Payment options are risks that on-line buy and sell Philippines merchants should be aware of. Some auction sites recommend using trusted payment services such as Paypal instead of receiving through Moneygram or Western Union. When doing buy and sell Philippines in this way, payments are more guaranteed to be received and secure.

5. Use an escrow service if you can

Reputable auction sites have escrow services to safeguard the security of their members. This acts like insurance to a buyer or a seller wherein a neutral third party will release the payment to the seller once the buyer is satisfied, as purchasing through on line buy and sell Philippines is a risk more to the buyer than to the seller.

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Photo credits:  Catatronic

This entry was posted on Wednesday, August 6th, 2008 at 12:49 pm and is filed under online scams. You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.