The Philippine National Police (PNP) on Sunday, Feb. 1, advised the public to stay vigilant against the growing threat of cryptocurrency and other online investment scams which continue to victimize unsuspecting individuals.
Anti-Cybercrime Group (ACG) records showed a total of 311 investment scam cases were reported last year, 12 of them involving cryptocurrency stings
These scams usually begin by offering “high returns” to lure victims into investing and even encouraging them to recruit others.
At first, withdrawals may be allowed to gain trust, but eventually, access to earnings and accounts is suddenly blocked, causing invested money to be lost permanently, the ACG said.
“Every Filipino has the right to protect their hard-earned money. That is why we encourage everyone to be vigilant, do not blindly trust online platforms that offer super high returns. If there is any suspicious activity, immediately report it to the nearest police station,’ PNP chief Gen. Jose Melencio Nartatez Jr. said
“It is not just money that is at stake, but your security. Remember, it is better to ask and verify before investing. In this way, we will prevent scammers and maintain trust in online financial transactions,” he added.
The PNP also urged the public to always verify the legitimacy of any online investment or cryptocurrency platform before parting with their money.
Individuals should be cautious of promises of guaranteed high returns, avoid sharing personal banking or account information online, and report any suspicious activities immediately to the nearest police station or the ACG.
Staying informed, asking questions, and educating family members about common online fraud schemes are also key steps in avoiding being victimized.
“The PNP through the PNP Anti-Cybercrime Group continues to raise awareness and provide guidance to ensure that citizens can safely navigate online financial opportunities without falling prey to scams,” Nartatez said.
Editor’s Note: This is an updated article. Originally posted with the headline: “PNP cautions public vs. risky crypto platforms”
