Expect surge in investment scams CICC

The Cybercrime Investigation and Coordinating Center CICC) has warned the public about an expected surge in investment scams in the country after receiving 14 complaints of cryptocurrency and dollar scams beginning last week.

- By SHEILA CRISOSTOMO

CICC executive director Alexander Ramos said they expect an increase in investment scams in the country amid the skyrocketing price of cryptocurrency in the global market.

The scam victims were asked to invest $100 to $1,000, which they had to deposit to a foreign account, according to Ramos.

He said scammers, however, cut off their communication once the money had been deposited to the designated account.

He added that scammers are mostly foreigners who would promise high yield from investments in cryptocurrency and often create a false sense of urgency, pushing unsuspecting victims to invest quickly.

The CICC chief noted that scammers would also claim that offers are limited and assert that victims might miss out on an incredible opportunity.

“Cryptocurrency has become popular investment instruments recently because of the surge in value,” he said.