MANILA, PHILIPPINES — The Cybercrime Investigation and Coordinating Center (CICC) has issued a strong warning to the public about the rising threat of cryptocurrency scams, urging everyone to safeguard their Christmas bonuses from fraudsters.
CICC Executive Director Alexander K. Ramos revealed that banks have reported significant losses among depositors, amounting to millions of pesos due to these scams. Despite the scale of the issue, many victims remain hesitant to report their experiences to authorities.
A Growing Threat During the Holiday Season
“We warned the public as early as November about the increasing frequency of cryptocurrency scams. Unfortunately, the situation has worsened as scammers exploit year-end bonuses and holiday generosity,” Ramos stated.
Cryptocurrencies, such as bitcoin, have gained popularity as an investment vehicle due to their substantial value growth. Bitcoin’s price has soared from $500 in May 2016 to an unprecedented $93,730 as of December 24, 2024.
Evolving Scam Tactics
The CICC highlighted how scammers have adapted their strategies to avoid detection. Using temporary digital accounts, these perpetrators disappear as soon as victims transfer funds ranging from ₱100,000 to over ₱1,000,000.
Scammers are believed to be operating within the Philippines, targeting employees flush with substantial holiday bonuses. Bankers have raised concerns about depositors transferring large sums from local accounts to fraudulent digital wallets.
Public Advisory: Verify Before You Invest
Ramos advised the public to exercise caution before making any investments, emphasizing the importance of verifying whether digital currency accounts are registered and supervised by the Bangko Sentral ng Pilipinas (BSP).
“Before investing, conduct thorough research and verify the legitimacy of the company with government regulatory agencies,” Ramos said. “Remember: no investment is without risk.”
How to Report Crypto Scams
The CICC encourages victims of investment and crypto-related scams to contact the Inter-Agency Response Center (IARC) hotline at 1326 for assistance and to report any suspicious activities.
As the holiday season continues, the CICC’s warning serves as a reminder to stay vigilant and protect hard-earned funds from cybercriminals.
