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MANILAhit-bonus, 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
Article continues after this advertisementUnfortunately, many victims refuse to report the incidents to authorities
FEATURED STORIES TECHNOLOGY ChatGPT can now talk with the voice of Santa Claus TECHNOLOGY US developing topical vaccine that you rub on the skin TECHNOLOGY AI agents will become brand ambassadors in 'Agentic Era' – study“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.
Article continues after this advertisementIn November, the CICC issued a cybercrime warning about crypto scams, which trick victims into sending payments to foreign accounts in dollars.
Article continues after this advertisementRamos said that scammers have changed their modus operandi by opening digital accounts.
Article continues after this advertisementThese 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
Article continues after this advertisementSome 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.
vegas slots online free“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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While the Marcos administration has been exerting efforts to attract more green power developments to the market, the sector may be dealing with some hitches as the projects are now “being processed for termination” due to the companies’ failure to meet committed timelines, the agency noted Sunday.
It is a toll-free line that operates 24/7hit-bonus, from Mondays to Sundays, including Christmas, New Year, and other holidays.
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