MANILA, PHILIPPINES – The Cybercrime Investigation and Coordinating Heart (CICC) has warned the general public about cryptocurrency scams, urging them to guard their Christmas bonuses.
CICC Govt Director Alexander Ok. Ramos reported that banks have seen depositors shedding thousands and thousands of pesos as a result of these schemes.
READ: CICC warns of rise in crypto, greenback funding scams
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Sadly, many victims refuse to report the incidents to authorities
“We have now already warned the general public as early as November in regards to the surge in cryptocurrency scams, and now, it’s turning into worse as a result of scammers are profiting from the Christmas and year-end bonuses of the folks,” Ramos stated.
Cryptocurrencies, particularly bitcoin, have change into a preferred funding as a result of their surge in worth. Bitcoin’s worth skyrocketed from $500 in Might 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 funds to international accounts in {dollars}.
Ramos stated that scammers have modified their modus operandi by opening digital accounts.
These accounts disappear as quickly as traders deposit quantities starting from P100,000 to over P1,000,000.
Scammers are probably working inside the nation, concentrating on staff’ substantial vacation bonuses
Some bankers have expressed concern about this growth, as their depositors have been transferring funds from native financial institution accounts to those fly-by-night digital accounts.
“We’re advising the general public to assume first earlier than they put money into something,” Ramos stated.
“They need to guarantee that these digital forex accounts the place they are going to be transferring their funds are supervised by the BSP.”
The CICC government director then reminded the general public to analysis any asset totally earlier than investing.
“Test with authorities regulatory companies to see if the corporate is licensed to do enterprise,” he added. “Bear in mind: no funding is risk-free.”
The CICC advises funding and crypto rip-off victims to name the Inter-Company Response Heart (IARC) hotline at 1326.
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It’s a toll-free line that operates 24/7, from Mondays to Sundays, together with Christmas, New Yr, and different holidays.
