TikTok tapped to combat investment scams

Social media titan TikTok has been tapped by the Securities and Exchange Commission (SEC) to strengthen the country's efforts against the rising cases of online investment scams.

TikTok Philippines

Fight vs scammers

Under both parties' memorandum of understanding, the short-form video platform would produce a series of videos to educate Filipinos on common financial and investment scams, show how to verify information sources, and provide practical tips to avoid falling victim to fraudulent schemes.

The commission, on the other hand, would cooperate with TikTok for potential actions against videos showing fraudulent schemes, targeting to prey on Filipinos.

This partnership came as more and more Filipinos became victims of investment scams promising returns that are too good to be true.

In a recent survey conducted by the Global Anti-Scam Alliance, more than 75 percent of Filipino adults have encountered at least one scam in the past year.

With scams often becoming more prevalent during the holiday season, the initiative encourages users to pause, reflect, and #ThinkTwice before engaging with suspicious online offers and invitations to invest.

TikTok has always prioritized the safety of its community, investing in technology, human moderation, and educational initiatives to get ahead of emerging threats. While the fight against scams is a multi-sectoral one, we're confident our partnership with the SEC is an important step in empowering Filipinos to navigate the digital world safely, said Yves Gonzalez, Head of Public Policy for the Philippines at TikTok.

What do you guys think?