Philippine Stock Exchange warns against fraudulent crypto investment schemes
The Philippine Stock Exchange, Inc. (PSE) has issued a stern warning regarding a fraudulent cryptocurrency investment scheme that falsely uses its name and logo. This scam has been luring unsuspecting investors into financial traps by impersonating the PSE.
In its statement, the PSE emphasised, ” The public is advised that PSE neither owns nor operates the website “https://psephilippine.com/User/index”, it does not sell cryptocurrencies, it does not have a ‘Customer Service’ team, and its employees or agents do not advertise or promote, for purposes of investment, cryptocurrency. ”
PSE received reports of a fraudulent cryptocurrency investing scheme using PSE’s logo and name on its website, https://t.co/WBr4JZWjIo .
The public is advised that PSE neither owns nor operates the said website.
READ: https://t.co/38YPrPfpyQ pic.twitter.com/zUypYrdRmu
— Philippine Stock Exchange (@PhStockExchange) August 9, 2024
The fraudulent scheme begins by enticing potential investors through online advertisements. Once they express interest, they are contacted via messaging applications and presented with fabricated investment successes, encouraging them to increase their investments through various e-wallet accounts. However, when victims attempt to withdraw their funds, they are told they made an error with their account’s withdrawal password, leading to additional demands for deposits.
Legitimate transactions and accredited participants
The PSE has reiterated that all legitimate stock transactions are conducted through PSE-accredited trading participants or stock brokerage firms. ” PSE and any of its officers, employees, and agents, do not undertake stock transactions on behalf of clients. The complete list of the accredited stock brokerage firms of the Exchange is available on the PSE website. The PSE also advised the public to exercise caution when dealing with companies or individuals soliciting stock investments, especially those promising guaranteed returns.”
“Investment scams usually involve promises of big payouts, quick money, or guaranteed returns and do not contain disclosures on the risks of investing,” the PSE warned.
The public is encouraged to contact the PSE directly to verify the legitimacy of any stock investment schemes and the authenticity of documents supposedly issued by the Exchange in the Philippines.
