The Department of Trade and Industry (DTI) has warned the consumers from transacting with Paysbook, a company that solicits investments from the public but without the necessary license to do so.
In its official Facebook page, the DTI Consumer Care noted that the subject company was flagged by the SEC because it has no secondary license to solicit investments from the public.
Moreover, the DTI received information that Paysbook is claiming to be legitimate by posting photos of cops who made money as “Paysbooker.” In effect, the department will coordinate with the police to alert them of this modus.
Furthermore, the government agency has requested the Department of Information and Communications Technology (DICT) and National Telecommunications Commission (NTC) to remove Paybook’s website including its social media accounts.
The screen grab of the DTI’s post is shown below:
Last August 2018 and early this year, the SEC had issued advisories to the public against investing in Paysbook.