The Market Monitor Minding the Nation's Business
By Rose de la Cruz
While playing my favorite games on my Android, I noticed this ad constantly popping up at every break. It had Bangko Sentral ng Pilipinas Governor Eli Remolona, an Ayala tycoon and a local newscaster, supposedly interviewing these respectable business leaders who were endorsing Tesler Code, an investment scheme that would attract people with at least P14,000 plus to invest and save on something they would reap big later. I found the ad too intrusive and disruptive of my game and the message was hardly believable. Turned out, my hunch was right.
For today, BSP emailed press releases warning the public about fraudulent social media content.
In the press release, the BSP said the public should be more vigilant against scams because the use of artificial intelligence (AI) to create or manipulate fake videos and audios make them appear more believable.
Perpetrators of these fraudulent activities post AI-manipulated content on social media to spread false information about organizations, officials, and persons, including the central bank and its personnel.
In particular, the BSP clarifies that Governor Eli M. Remolona, Jr. does not endorse the alleged cryptocurrency project “Tesler Code” or any other cryptocurrency investment.
The act of misrepresenting the BSP or any of its officers or units is punishable under the law.
To guard against this scam and other similar schemes, the BSP urges the public to remain vigilant and to refrain from providing personal information to unverified or suspicious entities.
The public is also encouraged to verify the authenticity of messages from supposed BSP officers or representatives, and to report suspicious activities through the following contact details:
A little research on the Tesler app showed me it uses technology and AI to trade. It was created for people interested in crypto markets but had little knowledge about trading or how cryptocurrency works. Many crypto experts use this app as it allows them to bid on prices for different currencies and stay updated.
This application will enable people to bid online on crypto prices and allow traders to bid on prices.
Just like everybody else, I am afraid of scams like these– promising great bounties for little effort. Cryptocurrencies can never be in your possession (unlike bills and notes) and who would trust such kind of invicible products.