wThe Cybercrime Investigation and Coordinating Center (CICC) has issued a warning on the rising incidence of investment scams, particularly those involving cryptocurrency, following reports from the Federal Trade Commission (FTC) highlighting the growing number of fraudulent schemes targeting Filipinos.
CICC executive director Alexander K. Ramos confirmed that the agency has received complaints from 14 victims in just one week, related to cryptocurrency and dollar scams. Scammers, often from foreign countries, promise high returns on investments and create a false sense of urgency, urging individuals to invest quickly before the “limited” offers expire. Victims have been asked to deposit between $100 to $1,000 into foreign accounts, but once the money is transferred, the scammers cut off all communication.
Cryptocurrency has gained popularity due to its skyrocketing value, with Bitcoin reaching $91,488 in November 2024, up from just $500 in May 2016, according to Forbes. However, the rise in interest has also attracted scammers, who exploit the allure of high returns. The FTC, in a recent video message, cautioned the public against offers that seem “too good to be true,” reminding investors that legitimate investments always carry some risk and no one can guarantee profits.
Ramos advised Filipinos to thoroughly research investment opportunities and check with government regulators to verify whether companies are licensed. He also urged victims of scams to report incidents by calling the Inter-Agency Response Center (IARC) at hotline 1326, available 24/7.
