How to Avoid Crypto Scammers: Have you been presented with the opportunity to invest in cryptocurrencies to increase your 13th-month income and Christmas bonuses? According to the PNP, it’s a hoax to separate you from the money you’ve worked so hard to obtain.
PREVIOUSLY: PNP Warns Public About Crypto Scam
According to the PNP Anti-Cybercrime Group, con artists are putting in double the effort during the holiday season to would-be con investors out of their money by luring them with the promise of high-interest rates on short-term investments and by brandishing fake DTI permits and SEC certificates as proof of their legitimacy.
They underlined the importance of being wary of investment opportunities that offered excessively high-interest rates. A spokesman for the ACG, Michelle Sabino, was quote as saying to TeleRadyo, “If it’s too good to be true, it’s probably not true.”
Cryptocurrency Scams
According to Sabino, con artists typically send invitations to potential victims through social media, emails, text messages, or phone calls. They promise victims large payouts with little to no risk, but they don’t provide any additional information. Some employ fabricated celebrity endorsements or testimonials purporting to come from individuals whose wealth was increased through cryptocurrency investments.
The potential victims will then be entice to download cryptocurrency apps. where they will be ask to cash in on the transaction. Account users are encourage to invest further funds by being able to view the amount of money they have already invested as well as the high interest that their investments have generated within the application. According to the ACG, the app will not permit investors to withdraw the money once they have decided.
Some apps may initially only permit a little cashout. Still, investors will be request to “recharge” their accounts by depositing additional funds and will be promise a more significant commission if they do so. According to Sabino, after investors stop contributing extra money and want to withdraw their investment, they won’t be able to do any of those things.
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Cryptocurrency Investment Scam Prevention:
- Before making any investments, checking the regulated list of virtual assets service providers (VASP) maintained by the Bangko Sentral ng Pilipinas is essential.
- Do not engage in risky behavior by clicking on links sent by unknown senders.
- You should politely ignore the offer to invest made by a stranger.
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