Crypto scam artists target stock market

Scammers have targeted the Philippine Stock Exchange Inc. (PSE) in a daring racket involving a fraudulent cryptocurrency investing scheme that uses PSE’s logo and name on its website.

The scheme tried to lure potential investors to register and create an account through the website “https://pse-philippine.com/User/index.”

Based on PSE investigations, an online advertisement seeks investors supposedly to the PSE. When potential investors express interest, they are contacted through messaging applications.

PSE said in a statement the supposed investment is shown to be doing well and investors are asked to increase their capital through various e-wallet accounts.

Investors will then be informed that they entered the wrong order, which leads to the loss of the account’s withdrawal password.

The scammers will offer to consult with PSE’s customer service on how to address the issue. The solution provided will be to create a new account that requires a new deposit and the completion of new tasks. The messaging applications have a few other “members” who appear to be in the same predicament but they will try to erase doubts or fears about the scheme by showing they have been able to withdraw their investments.

Not a crypto market

The public is advised that PSE neither owns nor operates the website https://psephilippine.com/User/index and it does not sell cryptocurrencies.

It also does not have a “Customer Service” team and its employees or agents do not advertise or promote, for purposes of investment, cryptocurrency.

The PSE statement said legitimate stock transactions are done 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.

PSE indicated that the complete list of the accredited stock brokerage firms of the Exchange is available in the PSE website (www.pse.com.ph) under Trading > Trading Participants.