As digital currencies, otherwise known as cryptocurrencies, see proliferation, scammers, fraudsters, and cyber criminals are now tapping into these resources using creative means for nefarious purposes—and the Philippine National Police Anti-Cybercrime Group (PNP-ACG) in conjunction with GCash are warning the public against them.
Said authorities are specifically asking the public not to fall victim to cryptocurrency-based scams disguised as job opportunities that circulate the social media.
Per modus operandi, the scam begins as a job offer online, typically on social media like TikTok, Facebook, and Twitter. Interested parties who inquire about the work are then led to a group chat where the promise of a substantial earning is talked about.
The are two red flags—one, the offer requires the victim to invest in cryptocurrencies, and another, mobile transactions are only allowed.
But many fall victim to the scam as the fraudsters make it seem like they are legit by allowing the victim to cash out their earning with the condition of having to link their GCash accounts, for the aforementioned accounts to be subsequently taken from them.
Some scams, without a healthy level of skepticism in mind, are generally hard to debunk as such. But to offset falling into the trap, it is always the best practice to make due research first before committing to any investment. More specifically, by referring to the Securities and Exchange Commission (SEC).
Another method of verifying the authenticity of the offer is by being firm in doing only video calls, partly in checking the validity of the documents behind the alleged business.
As for the use of GCash, the mobile wallet provider encourages its users to be vigilant with their transactions, such as not sharing their OTP and MPIN. Additionally, it dissuades people from clicking on any link provided to them, whether via messaging apps, email, or websites.