The Cybercrime Investigation and Coordinating Center (CICC) on Thursday warned the public about a surge in investment scams, particularly those involving cryptocurrency.
The CICC’s alert comes after the US-based Federal Trade Commission reported a growing number of investment scams targeting Filipinos.
CICC executive director Alexander Ramos said the agency already received complaints from 14 victims related to cryptocurrency and dollar scam since last week.
He said the scammers are mostly foreigners who promise high yield on investment in cryptocurrency, often creating a false sense of urgency, pushing unsuspecting victims to invest quickly.
Scammers also claim that offers are limited and assert that victims might miss out on an incredible opportunity.
Ramos said the victims were asked to invest between $100 and $1,000 which they had to deposit to a foreign account. Scammers, however, cut off their communication once the money was deposited to the designated account.
Cryptocurrency has become popular investment instruments recently because of the surge in value. According to Forbes.com, the price of bitcoin skyrocketed to $91,488 as of Nov. 19, 2024 from $500 in May 2016.
The US-based FTC said in a video message on its website that today’s digital age captured the attention of investors worldwide, resulting in a surge in investment scams targeting unsuspecting individuals.
“The Federal Trade Commission alerts the public to be particularly cautious about these fraudulent schemes. Scammers are cunning, often enticing potential victims with promises of monumental returns while minimizing risk,” the FTC said in its video message.
“It’s essential to remember that if the deal seems too good to be true and likely is. Every legitimate investment carries some level of risk, and no one can guarantee profits in an unpredictable market,” the US agency said.
Ramos reminded the public to do research about any form of investment before putting their money in it. “Check with government regulatory agencies if such companies have the license to do business before investing. Remember no investment is risk free,” he said.
Victims of investment scams are advised to call the Inter-Agency Response Center (IARC) hotline 1326.
