The Philippines’ central bank, Bangko Sentral ng Pilipas (BSP) issued a warning last week, urging citizens to exercise greater caution regarding crypto scams proliferating on social media.
It clarified that BSP Governor Eli Remolona, Jr. does not endorse the alleged crypto project “Tesler Code” or any other crypto investment.
The central bank highlighted that scammers are leveraging AI-manipulated videos on social media to spread misinformation.
These deepfakes target organisations such as the central bank and its officials, as well as other public figures, to lend credibility to their scams.
To safeguard against crypto scams and others, the BSP advised the public to remain vigilant and avoid providing personal information to suspicious parties.
The public is also encouraged to verify the authenticity of social media posts and report any suspicious activities.
“The act of misrepresenting the BSP or any of its officers or units is punishable under the law,”
the announcement read.
“To guard against this scam and other similar schemes, the BSP urges the public to remain vigilant and to refrain from providing personal information to unverified or suspicious entities,”
the central bank continued.
Ayala Corporation, a major conglomerate in the Philippines, has also been targeted in the same scheme. Last month, the company clarified that its chairman, Jaime Augusto Zobel de Ayala, is not associated with “Tesler Code.”
The company reported that some individuals falsely claimed associations with well-known businesses and figures to persuade people to invest in this project.
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