PNP warns public vs crypto investment scam – Manila Bulletin


As the government and private companies start to release bonuses to their employees, the Philippine National Police (PNP) warned that individuals and groups have already intensified their operation to lure people into putting their money to fake crypto investments.

Police Brig. Gen. Joel Doria, director of the PNP-Anti-Cybercrime Group, said scammers are now creatively enticing potential victims using new modus operandi.

One of them, according to Doria, is encouraging potential investors to download a specific Crypto App which when installed will require them to cash in their investments in digital wallets listed in the application.

“In the dashboard of the apps, account holders will be able to see the amount of money they have invested and the high interest their money has earned 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,” said Doria.

“When investors start to withdraw their money, the apps will not allow them to withdraw. This is how investors realize they have been victims of a Crypto Investment Scam,” he added.

According to cybersecurity firm Karspersky, cryptocurrency is a digital payment system that does not rely on banks to verify transactions as it is a peer-to-peer system that can enable anyone anywhere to send and receive payments.

“Instead of being physical money carried around and exchanged in the real world, cryptocurrency payments exist purely as digital entries to an online database describing specific transactions. When you transfer cryptocurrency funds, the transactions are recorded in a public ledger. Cryptocurrency is stored in digital wallets,” Karspersky explained in its website.

“Cryptocurrency received its name because it uses encryption to verify transactions,” it added.

Police Lt. Col. Robert Bongayon, chief of the Cyber Financial Crime Unit (CFCU) of ACG, explained that there are two types of licenses from the Securities and Exchange Commission (SEC)– the primary license is the Authority to Operate and the secondary license which states the specific service being offered.

He explained that the Primary and Secondary license of the SEC certificate being shown by the scammers to prove their legitimacy does not match with each other: “This is how people get scammed.”

Bongayon said that scammers use Fake DTI permits and SEC certificates whose Primary and Secondary licenses are not at par with each other to convince people to invest in them.

 

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