1 day Ago By Bryan Rilloraza
The skyrocketing price of cryptocurrency is attracting a swarm of scammers. The is issuing a strong warning: . This surge coincides with a video message from the US Federal Trade Commission (FTC) alerting the public of a rise in investment scams and urged victims to report to CICC and other law enforcement agencies.
Since last week alone, CICC has received complaints from 14 Filipinos who fell victim to cryptocurrency and dollar investment scams. These scammers are often foreigners, who lure people in with promises of high returns on their investments. They create a false sense of urgency, pushing unsuspecting victims to invest quickly.
Victims are typically asked to invest between $100 and $1,000, which they have to deposit into a foreign account. The scammer then cut off their communication once the money has been deposited. Cryptocurrency has become a popular investment instrument because of the surge in value.
According to Forbes.com, the price of Bitcoin was $500 in May 2016 and has since risen to $91,488 as of November 19, 2024. Before investing a single peso, CICC Director Ramos urges Filipinos to do their research.
“Check with government regulatory agencies if such companies have the license to do business before investing. Remember no investment is risk-free.” Victims of investment scams are advised to call the Inter-Agency Response Center (IARC) hotline 1326 which is toll-free and operates round-the-clock from Mondays to Sundays including holidays.
Image: Unsplash.
