elyu casino Expect surge in investment scams – CICC

MANILA, Philippines — 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.

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.

Based on information from Forbes.com, the price of bitcoin had skyrocketed to $91,488 as of Nov. 19, from was $500 in May 2016.

Ramos urged the public to do research about any form of investment before putting their money in it.

“Check with government regulatory agencies if such companies have the license to do business before investing. Remember, no investment is risk-free,” he said.

Victims of investment scams are advised to call the toll-free Inter-Agency Response Center hotline 1326, which operates round-the-clock from Monday to Sunday, including holidays.

The CICC’s warning also coincided with the release of the video message of the United States-based Federal Trade Commission (FTC) alerting the public of a surge in investment scams in the Philippines and urging victims to report to the CICC and other law enforcement agencies.

“The FTC alerts the public to be particularly cautious about these fraudulent schemes. Scammers are cunning, often enticing potential victims with promises of monumental returns while minimizing risk,” the FTC added.

It underscored the importance of remembering that “if the deal seems too good to be true, it likely is.”

Chinese, Korean men nabbed

In a related development, a Chinese man and a Korean male involved in online scams have been arrested by authorities before they could fly out of the Philippines.

Chinese man Yao Bin and Korean national Li Su Bin were apprehended by the Bureau of Immigration (BI) before they boarded their flights to Malaysia and South Korea, respectively, last week, according to a statement from the agency last Friday.

Yao was a member of a syndicate that victimized 260,000 Chinese citizens who placed bets on illegal websites that displayed results of international sports competitions, according to BI Commissioner Joel Anthony Viado.

Viado said the syndicate reportedly amassed two billion Chinese yuan, while Yao earned two million yuan in commissions.

Yao was detained at the BI’s facility in Bicutan, Taguig City and the agency vowed that he would face deportation.

Meanwhile, Li was involved in an alleged love scam operation based in Laos that enticed victims to invest in cryptocurrency and stock investment, according to Viado.

Li eventually flew to South Korea and was arrested by Korean authorities at the Incheon airport. — Ghio Ongelyu casino

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