PNP-ACG: Beware of fake crypto investments

November 28, 2022 Alfred P. Dalizon 285 views

PHILIPPINE National Police Anti-Cybercrime Group (PNP-ACG) director, Brigadier General Joel B. Doria on Monday warned the public to be wary of fake crypto investment schemes during the yuletide season.

“Do not fall prey to fake Crypto Currency Investments. The PNP-ACG advises potential investors in Crypto to visit the website of the Bangko Sentral ng Pilipinas for the list of regulated Virtual Asset Service Providers (VASP) to avoid being scammed,” the official said.

According to the PNP-ACG, online scammers are working double time to rob people of their money with only 26 days before Christmas and employees starting to receive their Christmas bonuses.

The PNP-ACG reminded everyone to be cautious in making online crypto Investments as scammers are now creatively enticing potential victims.

The modus is for 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.

However, when investors start to withdraw their money, the apps will not allow them to withdraw. This is when investors realize they have been victims of a crypto investment scam.

Lieutenant Colonel Robert Bongayon, chief of the PNP-ACG Cyber Financial Crime Unit, said there are two types of crypto to licenses from the Securities and Exchange Commission

The primary license is the Authority to Operate while the secondary license states the specific service being offered.

“Usually, 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,” the official said.

Lt. Col. Bongayon said their Crypto Currency Investigation experts have discovered that scammers have been using 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.