Cryptocurrency investment scams are on the rise as the holiday season rolls around. The Cybercrime Investigation and Coordinating Center (CICC) has issued a warning that scammers are targeting Christmas and year-end bonuses, hoping to exploit the festive spirit.
Banks have observed a worrying trend of depositors losing significant amounts of money to crypto scams in recent days. Moreover, many victims are reluctant to report these incidents to authorities.
Just like any scam, the lure of a massive payday is what draws people in. Cryptocurrency experienced a boom as Bitcoin’s value skyrocketed, making it a prime target for scammers. They attract victims with promises of high returns, usually through suspicious digital accounts that disappear once they receive significant deposits.
“We are advising the public to think first before they invest in anything. They should make sure that these digital currency accounts where they will be transferring their funds are supervised by the BSP,” said Alexander K. Ramos, CICC Executive Director.
Remember to exercise caution and conduct proper research before investing in any cryptocurrency scheme. The CICC also advises potential investors to check with government regulatory agencies to ensure that companies offering investment opportunities are licensed and legitimate. “Remember, no investment is risk-free,” Ramos cautions.
If you believe you have fallen victim to an investment scam, contact the Inter-Agency Response Center (IARC) by calling their hotline at 1326. The hotline is toll-free and operates 24/7, including holidays.
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