As the government and private companies start to release bonuses to their employees, the Philippine National Police (PNP) warned that individuals and groups have already intensified their operation to lure people into putting their money to fake crypto investments.
Police Brig. Gen. Joel Doria, director of the PNP-Anti-Cybercrime Group, said scammers are now creatively enticing potential victims using new modus operandi.
One of them, according to Doria, is encouraging 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,” said Doria.
“When investors start to withdraw their money, the apps will not allow them to withdraw. This is how investors realize they have been victims of a Crypto Investment Scam,” he added.
According to cybersecurity firm Karspersky, cryptocurrency is a digital payment system that does not rely on banks to verify transactions as it is a peer-to-peer system that can enable anyone anywhere to send and receive payments.
“Instead of being physical money carried around and exchanged in the real world, cryptocurrency payments…
