Watch out for crypto scams this Christmas – CICC

Watch out for crypto scams this Christmas – CICC

/ 09:09 PM December 24, 2024
This represents a hacker who launches crypto scams.
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MANILA, PHILIPPINES – The Cybercrime Investigation and Coordinating Center (CICC) has warned the public about cryptocurrency scams, urging them to protect their Christmas bonuses.

CICC Executive Director Alexander K. Ramos reported that banks have noticed depositors losing millions of pesos due to these schemes. 

READ: CICC warns of rise in crypto, dollar investment scams

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Unfortunately, many victims refuse to report the incidents to authorities

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“We have already warned the public as early as November about the surge in cryptocurrency scams, and now, it is becoming worse because scammers are taking advantage of the Christmas and year-end bonuses of the people,” Ramos said.

Cryptocurrencies, especially bitcoin, have become a popular investment due to their surge in value. Bitcoin’s value skyrocketed from $500 in May 2016 to $93,730 as of December 24, 2024.

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In November, the CICC issued a cybercrime warning about crypto scams, which trick victims into sending payments to foreign accounts in dollars.

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Ramos said that scammers have changed their modus operandi by opening digital accounts. 

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These accounts disappear as soon as investors deposit amounts ranging from P100,000 to over P1,000,000.

Scammers are likely operating within the country, targeting employees’ substantial holiday bonuses

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Some bankers have expressed concern about this development, as their depositors have been transferring funds from local bank accounts to these fly-by-night digital accounts.

“We are advising the public to think first before they invest in anything,” Ramos said.

“They should make sure that these digital currency accounts where they will be transferring their funds are supervised by the BSP.” 

The CICC executive director then reminded the public to research any asset thoroughly before investing. 

“Check with government regulatory agencies to see if the company is licensed to do business,” he added. “Remember: no investment is risk-free.”

The CICC advises investment and crypto scam victims to call the Inter-Agency Response Center (IARC) hotline at 1326.

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It is a toll-free line that operates 24/7, from Mondays to Sundays, including Christmas, New Year, and other holidays. 

TOPICS: technology
TAGS: technology

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