DILIMAN, Quezon City —The Cybercrime Investigation and Coordinating Center (CICC) is cautioning the public in their plans to invest in crypto and dollar investments amidst the rise in scams involving cryptocurrency that has recently seen increasing prices in the global market.

In a statement, CICC executive director Alexander Ramos warned possible local investors even as it reported that 14 individuals have already filed complaints regarding crypto and dollar scams before the agency since last week.

“This coincides with the release of the video message of the US-based Federal Trade Commission alerting the public of a surge in investment scams in the Philippines and urged victims to report to CICC and other law enforcement agencies,” Ramos cited.

These scammers, he pointed out, were mostly foreigners who often promise high-yield investments in cryptocurrency and in most cases create a false sense of urgency to push unsuspecting victims to invest quickly.

“Scammers also claim that offers are limited and assert that victims might miss out on an incredible opportunity,” Ramos added while noting that the 14 victims had been asked to invest between US$100 to US$1000 which they had to deposit to a foreign account.

But once the money is deposited, the scammer will cut off communication with the victim.

The CICC head reminded the public to do research about any form of investment before making any payment or deposit.

“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 and other cybercrimes, he disclosed, may call the Inter-Agency Response (IARC) toll-free hotline at 1326 which operates round-the-clock from Mondays to Sundays, including holidays.