BI warns Filipinos in US of new crypto scam

The Bureau of Immigration (BI) has warned Filipino migrants in the United States about a new cryptocurrency scam targeting them.

Scammers lure victims, often through social media, with promises of high returns and minimal risk on bogus cryptocurrency investments.

Victims are persuaded to transfer funds into fake trading platforms where scammers display false profits to encourage further investment before absconding with the money.

The modus operandi was revealed after trafficking victims were repatriated from Myanmar, where they were forced into scam operations.

One repatriated individual, initially believed to be a victim, was identified as the recruiter and alleged developer of this new fraud model targeting Filipino-Americans.

The BI commissioner urged Filipinos abroad not to fall victim to this scheme.

The Inter-Agency Council Against Trafficking (IACAT) is working to bring perpetrators to justice.