As the world’s economy keeps scaring people through a boomerang effect that began three years ago and some economist predict will last seven more, scams in the Philippines and the entire Asian region seem to be evolving. Criminals and internet scams are not cyclical, they in fact do quite well in an economic downturn. Business scams are often the highest volume in recessions, while romance scams and online dating scams seem to stay steady regardless of the economy. Given the ongoing uncertainly and trouble in the global economy, business fraud levels are very high, and the Philippines remains a high risk area, and for investigators considering conducting business or starting a new relationship in this island nation, a professional background check is key.
Philippine scammers are becoming more sophisticated and experienced criminals can be far more devastating than the average internet scammer. Criminal groups conducting online business fraud and scams can now be organized and highly effective, with management or bosses coordinating the scams even from other countries, such as Malaysia or Hong Kong. The NBI (National Bureau of Investigation) in Manila says business fraud is a greater risk than ever for foreign firms looking to invest in the Philippines and Malaysia. Joint law enforcement agencies between the two countries have had some success, but when one network gets shut down, another quickly rises.