CICC warns of rise in crypto, dollar investment scams
MANILA, PHILIPPINES — The Cybercrime Investigation and Coordinating Center (CICC) warned the public that investment scams are spreading after the record rise of cryptocurrency prices.
CICC Executive Director Alexander K. Ramos said that the agency has received complaints from 14 victims related to crypto and dollar fraud.
These scammers are mostly foreigners who promise high yields on cryptocurrency investments. Often, they create a false sense of urgency, pushing unsuspecting victims to invest quickly.
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According to Ramos, the cybercriminals asked the victims to invest between $100 and $1,000 via foreign account deposit.
Article continues after this advertisementHowever, the scammers cut off communications once the money reaches the designated account.
Forbes said the bitcoin price skyrocketed from $500 in May 2016 to $91,488 on November 19, 2024. As a result, investment scams became more rampant.
The CICC’s warning followed the release of the video message of the US-based Federal Trade Commission (FTC) regarding this cybercrime surge.
The FTC said today’s digital age has captured the attention of investors worldwide. And the increased attention caused a surge in investment scams targeting unsuspecting individuals.
“It’s essential to remember that if the deal seems too good to be true and likely is,” the FTC reminded the public.
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“Every legitimate investment carries some level of risk, and no one can guarantee profits in an unpredictable market.”
Ramos, meanwhile, reminded Filipinos to research any investment before putting money into it.
“Check with government regulatory agencies if such companies have the license to do business before investing. Remember: no investment is risk-free,” he said.
Victims of investment scams can call the Inter-Agency Response Center (IARC) hotline at 1326. It’s a toll-free line and operates round-the-clock from Mondays to Sundays, including holidays.
