On Sunday, June 21, the Department of Finance in the Philippines, warned of a crypto scam, that was targeting Filipinos. The scammers claim that the Secretary of Finance, Carlos G. Dominguez III, backs the project. According to the statement, the crypto auto-trading platform is called Bitcoin Revolution.
Similar Scams in the Philippines
According to the statement by the Department of Finance, similar scams have been observed in the country. These scams use the names of prominent officials with the national treasury and the finance department. Besides the Philippines, these scammers have targeted other nations in the SE Asia region. They warned citizens not to fall for the scam.
Besides that, the DOF warned that it would go after the scammers who create unauthorized investment schemes in the nation. They said that they were actively monitoring activities within the public space to find those who were behind the scam. Once it finds them, it would take legal action against them.
The DOF urged members of the public to report any suspicious investment schemes that claim to be backed by government officials. Anyone who comes across such a scam should file a report with the SEC’s enforcement and investor protection department via the number (02) 8818-5704.
On May 19, the DOF had warned the public of a fake report that was spreading malicious information. At the time, the fake reports had claimed that the government was working on a platform for Filipinos to start making profits from the crypto sector.
In the fake news articles, it was claimed that the government was behind a platform dubbed “Bitcoin Lifestyle.” They went on to claim that President Duterte was behind the platform and he encouraged all Filipinos to learn about the platform and invest in it. However, Antonio Joselito Lambino II, the assistant secretary in the DOF had made it clear there was no such initiative by the government.
Besides the potential profits for citizens, the fake news articles claimed that tax revenues earned from Bitcoin Lifestyle would be huge. These revenues would benefit all Filipinos and most of the revenue would be used to finance the retirement program in the country. Additionally, it was claimed the revenue would be used to resolve the crisis that the learning support services were facing.
The Assistant Finance Secretary added that the claims were false. He urged members of the public to be cautious when making any investment. Additionally, he called on Filipinos to be realistic in the expectations of returns from their investment.
Crypto Scams are a Global Problem
The crypto sector is still a mystery to most people. Consequently, many people have been duped out of their cash over sensational claims of huge returns on investment. Most of these scams use the images of prominent personalities to dupe their victims. For instance, at the start of April, we reported on a crypto scam that was using old videos of Bill Gates to scam victims.
In general, when you come across a post on social media or other online platforms that promises huge returns, you should be careful. It is especially so if it claims to be backed by a famous person. Always conduct thorough investigations before you commit any of your funds to such a project.
Image Source: Pixabay
Notice: Information contained herein is not and should not be construed as an offer, solicitation, or recommendation to buy or sell securities. The information has been obtained from sources we believe to be reliable; however no guarantee is made or implied with respect to its accuracy, timeliness, or completeness. Authors may own the crypto currency they discuss. The information and content are subject to change without notice. Visionary Financial and its affiliates do not provide investment, tax, legal or accounting advice. This material has been prepared for informational purposes only and is the opinion of the author, and is not intended to provide, and should not be relied on for, investment, tax, legal, accounting advice. You should consult your own investment, tax, legal and accounting advisors before engaging in any transaction. All content published by Visionary Financial is not an endorsement whatsoever. Visionary Financial was not compensated to submit this article Please also visit our Privacy policy; disclaimer; and terms and conditions page for further information.
