The Cybercrime Investigation and Coordinating Center (CICC) is raising alarms over a surge in cryptocurrency investment scams, urging the public to safeguard their Christmas and year-end bonuses.
“We have already warned the public as early as November about the rise in cryptocurrency scams,” said Alexander Ramos, executive director of the CICC. “Now, scammers are preying on people’s Christmas bonuses.”
Cryptocurrency, often seen as a lucrative investment, has drawn attention due to fluctuating values. Bitcoin, one of the most popular cryptocurrencies have increased in value exponentially increasing from $500 in 2016 to $93,730 as of Dec. 24.
Unfortunately, scammers exploit this interest by setting up digital accounts that disappear once funds — ranging from ₱100,000 to over a million — are transferred.
CICC suspects that some scammers are locally based, capitalizing on holiday bonuses. Victims are encouraged to report cases to the Inter-Agency Response Center (IARC) via hotline 1326, available toll-free, 24/7, including during the holidays.
Invest in verified platforms only
Ramos also disclosed that banks have observed millions of pesos vanishing from depositors’ accounts recently. However, many victims remain hesitant to report these incidents.
Banks have expressed concerns about depositors transferring funds directly from their accounts to unverified digital wallets. Ramos urged potential investors to ensure platforms are supervised by the Bangko Sentral ng Pilipinas (BSP).
“We advise the public to think carefully before investing. Verify that digital currency accounts are licensed by regulatory agencies,” Ramos reiterated. “Remember, no investment is risk-free.”
The CICC continues to monitor the situation and reminds everyone to exercise caution when considering investments during this festive season.
“Do your research and verify investment offers with government agencies before parting with your money,” Ramos advised.