The Philippine Stock Exchange (PSE) has issued a warning about a crypto investment scam that improperly uses its logo and name. The fraudulent scheme has falsely advertised investments purportedly linked to the PSE.
According to a statement released on Friday, the scammers created a seemingly legitimate website to lure local investors into registering and opening accounts. They also used online advertisements to promote these fake crypto investments.
Investors who showed interest were contacted through messaging apps. After demonstrating fake investment gains, the scammers urged them to increase their investments via e-wallets. The scheme then involved misleading investors by claiming incorrect orders had been placed, resulting in lost access to withdrawal passwords.
The scammers offered to “consult” with PSE’s supposed customer service to resolve the issue. In reality, this was a ploy to encourage victims to create new accounts and make additional deposits. The scam also involved a Telegram group where members—actually accomplices—pretended to experience similar issues while secretly facilitating fund withdrawals.
The PSE emphasized that it does not operate or endorse any cryptocurrency websites, does not engage in cryptocurrency sales, and does not have a customer service team for investment purposes.
Previous Warnings on Crypto Scams in the Philippines
In July, the Central Bank of the Philippines (BSP) issued a warning about scams involving AI-manipulated videos and audio promoting cryptocurrency investments. The BSP urged the public to verify the authenticity of social media posts and report suspicious activities.
Earlier, in June, the Philippine Securities and Exchange Commission (SEC) alerted the public about potential Ponzi schemes involving Skyline Crypto and Dry Goods Trading.
Crypto scams have been increasing in the Philippines, causing significant financial losses. Last year, the Philippine SEC partnered with its US counterpart to tackle the rising issue of crypto-related fraud, highlighting the seriousness of the problem.
