The Cybercrime Investigation and Coordinating Center (CICC) has raised an alert about a surge in cryptocurrency investment scams, particularly targeting employees’ Christmas and year-end bonuses. Banks have reported multiple cases of depositors losing significant amounts of money to these scams, though many victims have chosen not to report the incidents.

The increase in scams coincides with the growing popularity of cryptocurrency as an investment. Bitcoin, for example, has seen its value rise from $500 in 2016 to over $100,000 in December 2024, which led to a rise in potential investors. However, scammers have exploited this trend by developing sophisticated tactics to deceive their victims.

In recent cases, scammers have been creating local digital accounts that disappear once funds are deposited. These accounts have reportedly received amounts ranging from ₱100,000 to over ₱1 million. This has raised concerns among banks, as victims often transfer money directly from their local accounts to these fraudulent platforms.

To minimize risks, the CICC advises the public to verify the legitimacy of any investment opportunity by ensuring that platforms are supervised by the Bangko Sentral ng Pilipinas (BSP). Victims are encouraged to report incidents to the Inter-Agency Response Center (IARC) hotline 1326, which operates toll-free and 24/7, including during the holidays. This initiative aims to assist in investigating and preventing further cases, and protecting the public from financial losses.

Image Source: CICC

The CICC’s warning is a reminder to stay vigilant during the holiday season, as scammers are increasingly targeting individuals enjoying year-end bonuses. These schemes often exploit the excitement around cryptocurrency’s growing popularity, luring victims with promises of high returns and quick profits. By taking precautionary measures and going the mile to research the background of new investment opportunities, the public can reduce their risk of falling victim to these schemes. 

Ultimately, protecting one’s finances during this time requires a combination of skepticism, careful verification, and a commitment to only engaging with legitimate platforms to avoid becoming victims of financial fraud.

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