US Warns Filipino Migrants Against Cryptocurrency Scams

The Bureau of Immigration (BI) has issued a stern warning to Filipino migrants in the United States about a growing wave of cryptocurrency scams designed to exploit their trust. BI Commissioner Joel Viado revealed details of this alarming trend based on testimony from a Filipino rescued from scam hubs in Myawaddy, Myanmar. The survivor exposed a scheme where fraudsters trick victims into pouring money into fake cryptocurrency accounts, dangling promises of sky-high returns with minimal risk.

These scams, specifically targeting Filipino migrants in the US, often begin with a friendly message on social media. Scammers build rapport, urging victims to invest in what seems like a golden opportunity. After funds are transferred, the crooks may tweak account balances to display illusory profits, nudging victims to sink in more cash. Then, without warning, the scammers vanish, leaving victims with no way to access their so-called earnings.

“We wish to send this warning to our kababayans abroad not to fall prey to this new modus,” Viado emphasized in a press statement. He assured that the Inter-Agency Council Against Trafficking (IACAT) is cracking down, vowing to slap the toughest penalties on those preying on Filipinos. Just last week, authorities nabbed two suspects tied to the scam—one labeled the “developer” of this cunning new tactic aimed at Filipino Americans. The BI urges vigilance as these deceitful cryptocurrency scams continue to evolve.