PNP warns public vs crypto scam

THE Philippine National Police-Anti Cybercrime Group (PNP-ACG) warned the public against fake crypto investments.

PNP-ACG Director Brig. Gen. Joel Doria said online scammers are working double time to “rob people of their money with only a few days before Christmas and employees starting to receive their Christmas bonuses.”

Doria said the police received reports of scammers creatively enticing potential victims by offering “fake” crypto investments.

Potential investors are asked to download an app which when installed will require them to cash in their investments in digital wallets listed in the application.

In the dashboard, account holders will be able to see the amount of money they have invested and the high interest their money has earned over time.

As investors begin to see their earnings, they are enticed to invest more money.

However, when they start to withdraw their money, the apps will not allow them.

Police Lt. Col. Robert Bongayon, chief of the Cyber Financial Crime Unit of ACG, said there are 2 types of licenses from the Securities and Exchange Commission – Authority to Operate and a second license that states the specific service being offered.

“Usually, the primary and secondary license of the SEC certificate being shown by the scammers to prove their legitimacy does not match. This is how people get scammed,” he said.

He said that scammers use fake permits from the Department of Trade and Industry and SEC.

“Do not fall prey to fake crypto currency investments. ACG advises potential investors in crypto to visit the website of Bangko Sentral ng Pilipinas for the list of regulated Virtual Asset Service Providers to avoid being scammed,” Doria said.