The CICC in the Philippines urges caution as scammers exploit Christmas bonuses, causing millions in crypto losses across unreported cases.
Crypto Scams on the Rise
The Cybercrime Investigation and Coordinating Center (CICC) issued a warning on Christmas Eve about a surge in cryptocurrency scams in the country. Executive Director Alexander Ramos reported that banks have flagged depositors losing millions to these schemes in recent days.
Unreported Cases Raise Concerns
Despite significant losses, many victims reportedly refuse to report these incidents, complicating authorities’ efforts to combat the scams.
Scammers Target Year-End Bonuses
Ramos highlighted that scammers are taking advantage of holiday bonuses, exacerbating the situation. The CICC first cautioned the public in November, but incidents have worsened as the year ends.
Evolving Tactics
Crypto scammers now use temporary digital accounts, making them harder to trace. Victims are tricked into transferring substantial funds, ranging from P100,000 (about 1,800 USD) to over a million (about 18,000 USD), directly from local bank accounts.
Advice for Investors
The CICC urges individuals to invest only through platforms supervised by the Bangko Sentral ng Pilipinas (BSP) to ensure security. Victims are encouraged to contact the Inter-Agency Response Center (IARC) via hotline 1326 to aid investigations.
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