The Cybercrime Investigation and Coordinating Center (CICC) issued a warning on Christmas Eve about a sharp rise in cryptocurrency investment scams in the Philippines.

CICC Executive Director Alexander Ramos revealed that banks have flagged multiple cases of depositors losing millions to scams over recent days. Despite the losses, many victims have been reluctant to report the incidents to authorities.

“We’ve been warning the public since November about a surge in these scams. Unfortunately, the problem has worsened, as scammers exploit people’s Christmas and year-end bonuses,” Ramos stated.

How Scammers Operate

The CICC highlighted how cryptocurrency scammers are evolving their tactics. Scammers now create digital accounts that vanish immediately after victims transfer funds, ranging from ₱100,000 to over a million.

“Depositors are transferring funds directly from local bank accounts to these fraudulent digital platforms, which disappear without a trace,” the CICC reported.

Crypto’s Appeal and Risk

Cryptocurrencies like Bitcoin have gained popularity as investment tools due to their dramatic rise in value. For instance, Bitcoin, priced at just $500 in May 2016, reached $93,730 by December 24, 2024.

While the potential for high returns draws investors, it also attracts scammers.

Ramos emphasized the importance of using only Bangko Sentral ng Pilipinas (BSP)-supervised platforms for any cryptocurrency transactions. He urged the public to avoid unverified platforms, especially during the holiday season when scammers are most active.

Victims Encouraged to Report Cases

The CICC is encouraging scam victims to come forward and report their cases. For assistance, victims can contact the Inter-Agency Response Center (IARC) hotline at 1326.

“This information is crucial for us to investigate and prevent future incidents,” Ramos added.

Stay vigilant this holiday season and ensure your hard-earned money is safe from fraudulent schemes.