PNP warns public vs fake cryptocurrency investments

MANILA, Philippines — The Philippine National Police - Anti-Cybercrime Group (PNP-ACG) is warning the public to be wary of supposed fake cryptocurrency scams this holiday season.

In a statement, the PNP-ACG said it had received reports of a new modus operandi in cryptocurrency investments.

Supposed scammers ask victims to download a specific crypto application. When installed, the application, police said, will require them to cash in their investments in digital wallets.

The account holders will be able to see the amount of money they invested and see the high interest over time.

“As investors begin to see the growing interest their money has generated in a short period of time, they are enticed to invest more and more money. When investors start to withdraw their money, the app will not allow them to withdraw. This is how investors realize they have been victims of a crypto investment scam,” the ACG said.

Lt. Col. Robert Bongayon, chief of the Cyber Financial Crime Unit of the ACG, said some scammers use fake Department of Trade and Industry permits and bogus Securities and Exchange Commission certificates to convince people to invest in them.

The primary and secondary licenses of the scammers do not match with each other, Bongayon added.

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