The Cybercrime Investigation and Coordinating Center (CICC) issued a stark warning this week about the growing threat of cryptocurrency investment scams, particularly targeting Christmas and year-end bonuses. CICC executive director Alexander K. Ramos revealed that banks have reported significant losses among depositors, but many victims are hesitant to report the scams to authorities.
Ramos noted that the rise in cryptocurrency’s value, with Bitcoin hitting nearly $94,000 this December, has fueled a surge in fraudulent schemes. Scammers are now exploiting the holiday season, luring individuals to invest large sums—often between P100,000 to over a million pesos—into digital accounts that quickly vanish once funds are transferred.
CICC first alerted the public in November, warning of foreign-based scam operations. However, these criminals are now operating locally, making it harder for investors to detect fraudulent schemes. Banks are increasingly concerned as scammers bypass traditional banking channels, pushing victims to send funds directly to unregulated digital wallets.
Ramos advised the public to conduct thorough research before making any investment decisions and ensure that any cryptocurrency platforms are licensed and supervised by the Bangko Sentral ng Pilipinas (BSP). “No investment is risk-free,” he cautioned, urging individuals to consult regulatory bodies and avoid hasty financial decisions.
Victims of scams are encouraged to contact the Inter-Agency Response Center (IARC) at hotline 1326 for assistance, available 24/7 throughout the holidays.
