The Securities and Exchange Commission (SEC) issued a warning about the investment plan of Paysbook E-Commerce System Co. The SEC warns everyone because of the fact that their actions of soliciting from investors or members are unregistered and unregulated; meaning, there is no security of the investment and such.
However, as per the SEC, Paysbook is registered in their database as providing Information Technology and computer services, not by soliciting investments from potential investors or users.
Arjay Gallenero, the founder of Paysbook E-Commerce System Co., is offering online investments to people who are enticed by the idea of cryptocurrencies. The way of earning is easy that the SEC actually became skeptical of what the idea is. As per the data they’ve gathered, Paysbook operates a site where its members can earn by logging in and back out and by recruiting other individuals to the system.
Read: Investment Scams Online You Need to Watch Out For
This is somewhat like pyramiding or earning without doing anything legitimate or real. In addition to that, members can earn every time they like, share, post, or even comment using their Paysbook accounts.
How do investors or members earn through the Paysbook investment plan?
According to the SEC, they were able to get a detailed process on how people can earn through the promise of Paysbook. It is listed as follows:
1. Firstly, the investor is required to create a Paysbook account in their website (https://paysbook.co/auth/register?id=(username of offeror);
2. After creating an account, the investor will be brought to a registration page. This registration page will ask the investor to fill out the required fields and input the following: First Name, Last Name, Username, E-mail Address, Password and Mobile Number
3. Doing the whole registration process will allow a person or an investor to earn approximately Php300.00. To add to that and for them to really make profit, they will need to purchase an activation code from an upline or recruiter. This requires an amount of Php1, 000.00 to purchase it;
4. Finally, after doing all of those, a Paysbook account owner will now be eligible for the investment plan and can earn through the following:
- Sign-in Reward. This was the Php300.00 which we were able to discuss earlier
- Log-in Reward. An investor will earn Php50.00 per log-in; they’re limited to two log-ins per day for six days.
- Log-out Reward. Just like the log-in reward, an investor will earn Php50. 00 for simply logging out of the system. This earns them Php50. 00 as well.
- Posting Reward. By simply using their platform to post, share, or even comment, an investor will earn 0.25 Indigen coins for every like, share, or comment. It becomes 0.50 Indigen coins, however, if the investor posts a status using his Paysbook account.
According to some reports, users can earn up to 0.50 Indigen Coins by the actions we mentioned above, Not only that, there are other things that individuals could do for them to earn commission:
- Matching Commission – This commission is gotten every time an individual recruits a pair in their system. The user will earn Php100.00 for every pair.
- Direct Commission – This, however, will allow a user to earn Php100.00 for every person recruited to the scheme.
- Leveling Commission – The largest among the group, this will allow users to earn Php400.00 for completing a layer in the system.
Can you just imagine how easy a person can earn through this scheme? This is unreal and if your gut tells you that this is something you need to take note of, follow your gut.
Here’s the advisory from SEC.
Sec Paysbook Advisory by Efren Nolasco on Scribd
In previous articles, we mentioned that you need to do a ton of research before signing up for an investment plan, especially online. The SEC warns people of these investments such as the Paysbook E-Commerce because they are unregistered and unregulated by the agency.
How can you spot a financial scam?
To give you a brief refresher, it is actually not difficult to see whether or not a certain investment plan is a scam or not.
Read: You Got Scammed – What Do You Do And How Do You Report Scams?
- If they offer high returns without actually doing something
- If the people or administrators discourage cash outs from investments
- The activity or how you earn money is something you cannot fully understand
- If you are being told to keep your investment as is so that it can roll over and earn more commission
Currently, there are hundreds of these investment scams you need to look out for. Good thing that the SEC noticed the activities of Paysbook e-commerce and were able to warn the public about this. In conclusion, we need to always do a ton of research before actually getting into an investment plan for security and a good and legitimate investment.
Source: SEC