CICC Alerts Filipinos to Surge in Cryptocurrency Investment Scams

MANILA, Philippines — The Cybercrime Investigation and Coordinating Center (CICC) has issued a public warning about the increase in investment frauds in the country, which is being fed by the growing worldwide interest in Bitcoin. The warning comes after 14 complaints were submitted in the last week about cryptocurrency and dollar investment schemes.

CICC Executive Director Alexander Ramos predicts that the amount of fraud will increase as the price of Bitcoin rises. He stated that scam victims were often encouraged to put $100 to $1,000 in overseas accounts, after which the scammers cut off contact after the monies were moved.

“These scammers often promise high returns from cryptocurrency investments, creating a sense of urgency and misleading victims into making quick decisions,” says Ramos. Criminals often suggest that investment opportunities are limited, prompting victims to act quickly to obtain them.

With cryptocurrency prices skyrocketing, like Bitcoin's meteoric ascent to $91,488 by November 19, 2024, up from $500 in May 2016, criminals are capitalizing on the hype to lure more people into their scams.

The CICC has recommended the public to properly study any investment offer before making a commitment. They propose contacting government regulatory bodies to confirm that the organizations providing investments are properly permitted to operate. Ramos stressed that no investment is without risk.

If you feel you've been a victim of investment fraud, the CICC has set up a toll-free hotline (1326) that is open 24/7.

This warning coincided with a video released by the Federal Trade Commission (FTC) in the United States, which expressed similar worries about investment fraud in the Philippines. The FTC asked people to report any fraudulent activity to the CICC and other law enforcement organizations.

“If the deal seems too good to be true, it probably is,” the FTC warned.

In a separate instance, two foreign people were apprehended in connection with internet fraud. Yao Bin, a Chinese citizen, and Li Su Bin, a South Korean person, were caught before their flights to Malaysia and South Korea. Yao, a member of a gang that duped 260,000 Chinese people, was arrested and faces deportation. Li was detained by Korean officials after being engaged in a love scam that duped victims into investing in cryptocurrencies and stock trading.