Published December 20, 2020, 10:52 AM
COVID-19 has been challenging for many Filipino families. It is understandable, then, that many of us search for ways to augment or replace our income.
Unfortunately, scammers have no qualms about preying on unsuspecting Filipinos even during these difficult times. In fact, during times of crisis, we may be more prone to making careless financial decisions.
The best investments, of course, are those that we understand. Investing our money, especially in supposedly high-reward opportunities, should only follow after deep understanding of the assets involved. There is no way to get rich easily with investments. After all, if extremely high rates of return were possible within a short span of time, why would some people want your money instead of just investing their own?
Common cryptocurrency scams and how to avoid them
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Metro Manila (CNN Philippines) Is cryptocurrency a scam? It isn t, but you should still be careful with fraudulent schemes that ride on its popularity. Cryptocurrency is a volatile enough investment as it is. Don t fall prey to these common cryptocurrency frauds.
Scam No. 1: Fake cryptocurrencies
A common scam is presenting a new cryptocurrency as an alternative to popular digital monetary currencies like Bitcoin. Fraudsters would lure victims into believing it s too late to cash in on Bitcoin, and they will introduce a fake cryptocurrency.
In the United States, the people behind My Big Coin were charged for running an elaborate cryptocurrency scam that defrauded at least 28 investors out of six million dollars. Authorities learned the victims were asked to invest in fake cryptocurrency, not knowing the funds were re-directed into the fraudsters bank accounts.
How to stop seeing fake ads endorsing fake cryptocurrency schemes inquirer.net - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from inquirer.net Daily Mail and Mail on Sunday newspapers.
Published December 15, 2020, 2:00 PM
Get-rich-quick cryptocurrency scams have proliferated online, shamefully seeking to take advantage of netizens who are merely trying to augment their incomes during these difficult times.
The Securities and Exchange Commission (SEC) investigated more than 30 of these online scams as of April 2020, all of which were deceiving victims into investing money into illegal investment operations with the promise of large and quick returns.
Fraudulent cryptocurrency platforms use Ponzi or pyramiding schemes, which generate returns for earlier investors by taking later investors’ money. Others advertised their get-rich-quick-schemes on social media platforms and messaging applications, such as Telegram and Facebook Messenger, nefariously attempting to victimize everyday investors about actual cryptocurrency. Some of these scammers even resorted to using the names of known government officials, claiming that these officials endorsed the use of their pla
FACT-CHECK: Are these bitcoin ads legitimate? How do I report them? mb.com.ph - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from mb.com.ph Daily Mail and Mail on Sunday newspapers.