CICC warns on surge of crypto, dollar investment scams in Phl

The Cybercrime Investigation and Coordinating Center (CICC) has issued a strong warning against the increasing prevalence of investment scams in the Philippines, particularly those involving cryptocurrency. 

This surge comes amid skyrocketing cryptocurrency prices in the global market, which scammers are exploiting to deceive potential victims.

CICC Executive Director Alexander Ramos revealed that two weeks ago, 14 individuals have lodged formal complaints with the CICC regarding fraudulent crypto and dollar investment schemes.

“This aligns with a recent video message from the US-based Federal Trade Commission, which alerted the public about a significant rise in investment scams targeting Filipinos. The FTC encouraged victims to report such cases to the CICC and other law enforcement agencies,” Ramos said.

He explained that many of these schemes are orchestrated by foreign scammers who lure victims with promises of high-yield cryptocurrency investments. These fraudsters often employ high-pressure tactics, creating a false sense of urgency to convince victims to act quickly.

“Scammers frequently claim their offers are limited and stress that delaying investment could mean missing out on a once-in-a-lifetime opportunity,” Ramos warned.

The 14 victims reported being asked to invest amounts ranging from USD 100 to USD 1,000, which were deposited into foreign bank accounts. After receiving the funds, the scammers immediately cut off communication, leaving the victims with no recourse.

To prevent falling prey to these scams, Ramos urged the public to thoroughly research any investment opportunity before committing funds.

“Verify with government regulatory agencies whether the company has the proper license to operate. Remember, no investment is completely risk-free,” he emphasized.

Victims of investment scams or other cybercrimes are encouraged to seek assistance through the Inter-Agency Response Center (IARC) toll-free hotline at 1326, which operates 24/7, including weekends and holidays.

The CICC continues to remind the public to remain vigilant and report any suspicious activities to help curb the proliferation of these fraudulent schemes.