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Scammers, fraudsters, and cyber-criminals are becoming more creative in their methods as technology advances rapidly. One of the growing cases of fraud today involves digital currencies also known as cryptocurrencies. The Philippine National Police Anti-Cybercrime Group (PNP-ACG) and leading mobile wallet GCash are warning the public against crypto scams circulating on social media disguised as attractive job offers.
The scam begins with an online job offer shared as a link through social media posts. Individuals who express interest are added to a group chat where promises of large profits are discussed. Victims are lured into making investments in cryptocurrencies. It is also important to note that these fraudulent offers only allow mobile wallet transactions, which adds to the suspicious nature of the offer. In order to gain the trust of the victims, the scammers initially allow the victims to cash out their earnings by linking their GCash accounts, which eventually leads to the account take-over.
“By educating users with knowledge and sharing practical tips based on our actual investigation, we empower them to identify and avoid potential scams, ensuring their financial safety,” said by GCash Head of Fraud Operations Alexander Sibal.
To protect themselves, users are strongly advised to conduct thorough research before investing their money. This can be done by checking with the Securities and Exchange Commission (SEC) before making any investment. Additionally, individuals receiving job offers should insist on video calls to further prove their legitimacy. Verifying the authenticity of the presented documents is of utmost importance.
“We at the PNP-ACG strongly urge the public to practice due diligence so as not to fall victim to these scams. When in doubt, just follow the tips posted on our social media page. Our good relationship with GCash is a step in the right direction as we continue our cybersecurity public service campaign,” said PNP ACG Spokesperson, PCapt. Michelle Sabino.
In addition, GCash reiterates its warning to users not to reveal their MPIN or OTP and to avoid clicking on unknown links from websites, emails, or messaging apps. For assistance, users may contact the PNP-ACG through their hotlines at (02) 8414-1560 or 0998-598-8116, or via email at acg@pnp.gov.ph. To report scams and fraudulent activities, users can also visit the official GCash Help Center at help.gcash.com or message Gigi on the website and type “I want to report a scam.” Customers can also contact the official GCash hotline at 2882 for queries and other concerns.
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