WATCH: How to protect yourself from cryptocurrency scams

MANILA – The Philippine National Police’s anti-cybercrime group on Friday warned the public about joining groups related to cryptocurrency, saying some schemes involved promises that are too good to be true. 

Anti-Cybercrime Group Spokesperson PLt. Michelle Sabino said scammers entice their victims through investments and job advertisements. 

This is also done through a fake application with promises of big returns.

“Dito sa fake crypto app na ito, papapasukin ang money through digital wallets and online banking. Kapag inopen mo ang app, makikita mo ang account mo plus yung money invested, at pwede kang mag-trade doon ng mga cryptos,” Sabino said in a televised briefing.

“So makikita mo over a short period of time lumalaki ang pera natin. Kapag lumaki ang pera, naeengganyo ka na dagdagan pa more ang investment mo. So once you start to withdraw, hindi ka na makaka-withdraw.”

Victims have yet to seek help from the PNP Anti-Cybercrime Group, but the agency has already monitored a number of victims on social sharing how they were duped into investing their hard-earned money in the fake app.

“Naloloko sila kasi una ang promise nila ay big returns. So yun ang babala natin sa mga nanonood at nakikinig, na wag po tayong maniniwala sa mga investment na yung promise ng returns ng inyong pera ay sobrang laki dahil wala pong ganon,” the official said.