House leader warns Pinoys vs cryptocurrency scams

If it's too good to be true, then it probably is.

Kabayan Party-list Rep. Ron Salo (center)

Kabayan Party-list Rep. Ron Salo gave this reminder to Filipinos here and abroad amid reports that foreign criminal syndicates have been exploiting some of them in so-called cryptocurrency scams.

"We must continue to educate our fellow Filipinos against these illegal activities so we can minimize the victims of these criminal syndicates. We need to remind everyone that when the offer is too good to be true, then it must be a red flag," said Salo.

The solon works closely with overseas Filipino workers (OFWs) in his capacity as chairman of the House Committee on Overseas Workers Affairs.

Department of Foreign Affairs (DFA) Undersecretary Eduardo De Vega recently stated that criminals, particularly the Chinese mafia, operating cryptocurrency scams in Southeast Asia are targeting Filipinos due to their English proficiency and computer skills.

The Filipinos are then forced to trick individuals to invest in cryptocurrency.

"I strongly condemn the illegal trafficking of our fellow Filipinos allegedly being carried by a Chinese mafia operating in Southeast Asia. Taking advantage of the desperation of our kababayans looking for job opportunities is the peak of injustice and cruelty," Salo said.

"I am calling on the National Bureau of Investigation (NBI) to investigate and build the appropriate case against these unscrupulous individuals," he said.

The Kabayan lawmaker also urged the Inter-Agency Council Against Trafficking (IACAT) to strengthen their monitoring and implementation of the Anti-Trafficking in Persons Act of 2003.