The Philippine National Police Anti-Cybercrime Group (PNP-ACG) and mobile wallet GCash yesterday warned the public against crypto scams circulating on social media disguised as enticing job offers.
GCash said one of the increasing cases of fraud now involves cryptocurrencies.
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 substantial earnings are discussed. Victims are then lured into making investments in cryptocurrencies.
GCash said these fraudulent offers only allow mobile wallet transactions, adding to the suspicious nature of the offer. To gain the trust of victims, the scammers will initially allow victims to cash out their earnings by linking their GCash accounts, which eventually leads to account take-over.
“By educating users with the knowledge and sharing practical tips based on our actual investigations, we empower them to identify and avoid potential scams, ensuring their financial safety,” said Alexander Sibal, GCash head of Fraud Operations.
