Crypto Scammers Want Your 13th Month Pay, Here's How to Outsmart Them
Protect your Christmas bonus.
(SPOT.ph) Received a cryptocurrency investment offer to grow your 13th month pay and Christmas bonuses? It's a scam to rob you of your hard-earned money, the Philippine National Police said.
Fraudsters are working double time to lure potential investors this Yuletide season with the promise of high interest rates on short-term investments and by brandishing fake Department of Trade and Industry permits and certificates from the Securities and Exchange Commission, according to the PNP Anti-Cybercrime Group.
"'Wag sila magfa-fall sa investment offering with too high an interest... wala pong ganun, walang malaking interest over a few nights lang na lumaki agad ang pera n'yo. If it's too good to be true, it's probably not true," Michelle Sabino, ACG spokesperson, told TeleRadyo.
Also read:
Is Axie Infinity Still Worth Your Money in 2022?
Everything You Need to Know About PayMaya's New Crypto Feature
How fake cryptocurrency investments work
Scammers usually extend invitations via social media, email, text messages, or calls, tempting Filipinos with supposed big payouts and minimal risk without delving into the details, said Sabino. Some use fake celebrity endorsements or made-up testimonials from investors who grew their money from cryptocurrency investments.
Potential victims will then be lured to download cryptocurrency apps where they would be asked to cash in. In the app, account holders can see the amount of money they have invested and the high interest it yielded so they would be enticed to invest more money. When the investor decides to withdraw the money, the app wouldn't allow it, the ACG said.
Some apps will allow minimal cashout at first but investors will be asked to "recharge" or cash in more money with the promise of higher commission. When investors stop depositing more money and try to withdraw their investment, they wouldn't be allowed to do so, said Sabino.
Here are some tips to protect yourself from cryptocurrency investment scams:
- Check Bangko Sentral ng Pilipinas' regulated list of virtual assets service provider (VASP) before investing
- Don't click on shady links from unknown senders
- If a random person invites you to invest, decline the offer