PNP Warns Pinoys vs Crypto Scams

PNP: “Cryptocurrency investment scam is a new modus of scammers now.”

PNP – The Philippine National Police recently warned Filipinos against emerging cryptocurrency scams.

Screenshot from RTVM Laging Handa livestream

The PNP recently urged Filipinos to exercise vigilance when engaging in cryptocurrency operations.

Police Lt. Michelle Sabino, spokesperson of the PNP Anti-Cybercrime Group (ACG), said in an interview on “Laging Handa” public briefing last December 2 that cybercriminals are taking advantage of the boom of digital currency in the Philippines in order to siphon off money from their victims.

According to Sabino, cryptocurrency investment scam is a new modus of scammers as they invite investors to invest their money using cryptocurrency, but it turns out that it’s a fake investment.

The PNP-ACG spokesperson also said that scammers will find investors who are willing to invest to them through online banking or a digital wallet.

She added that investors will then be convinced to download a fake crypto app where they can monitor the fund that they invested. Investors will be enticed to put in more money because the fund they invest can be seen growing at an exponential rate over a short period of time.

Once you start to withdraw, you won’t be able to withdraw your money. That’s how you know you have been a victim of crypto investment scam,” Sabino said.

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Aside from this, senators also warned the public about crypto investments.

Senate ways and means committee chairman Senator Sherwin Gatchalian said that people must first understand the kind of business that they will engage in before placing their money.

Senator Gatchalian also urged government regulators Bangko Sentral ng Pilipinas (BSP) and Securities and Exchange Commission (SEC) to actively do their role in guarding the interest of the public.

For Senate Minority Leader Koko Pimentel, people putting their money in crypto face a lot of risk.

Likewise, Senator Francis Tolentino echoed the call for the central bank’s immediate action against groups offering fraudulent crypto investment opportunities, given the reality that “peer-to-peer” transactions are difficult to police.

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