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The Philippines’ central bank, the Bangko Sentral ng Pilipinas (BSP), has issued a stern warning to the public, urging greater vigilance in light of the increasing prevalence of digital currency scams on social media. According to the BSP’s press release, these scams often involve sophisticated use of artificial intelligence (AI) to create convincing fake videos and audio, making them appear more believable.
In response to false claims circulating online, the BSP has made it clear that Governor Eli Remolona, Jr. does not endorse the purported digital currency project “Tesler Code” or any other similar investment. The central bank emphasized that any representation suggesting otherwise is a fraudulent attempt to deceive the public.
AI-manipulated content spreading misinformation
The central bank has identified a disturbing trend where scammers are utilizing AI technology to fabricate content that misleads the public.
“Perpetrators of these fraudulent activities post AI-manipulated content on social media to spread false information about organizations, officials, and persons, including the central bank and its personnel,” the BSP stated.
This tactic aims to lend an air of credibility to their scams by falsely associating them with reputable institutions and individuals.
Legal consequences for misrepresentation
Highlighting the legal ramifications of such actions, the BSP stated, “The act of misrepresenting the BSP or any of its officers or units is punishable under the law.” This serves as a reminder to the public and potential fraudsters about the seriousness of such offenses.
To protect against these scams and others, the BSP has advised the public to remain vigilant. “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 BSP advised. The central bank also encouraged individuals to verify the authenticity of any messages purportedly from BSP officers or representatives and immediately report suspicious activities.
Notable companies also targeted
Ayala Corporation, one of the Philippines’ major conglomerates, has also been targeted by similar fraudulent schemes. The company clarified that its chairman, Jaime Augusto Zobel de Ayala, has no connection with the “Tesler Code” project. This follows reports of individuals falsely claiming affiliations with prominent businesses and figures to entice unsuspecting investors into these scams.
“It has come to our attention that certain individuals are using the name of prominent enterprises and individuals, including Mr. Jaime Augusto Zobel de Ayala, Chairman of Ayala Corporation, to encourage people to invest in a supposed cryptocurrency project “Tesler Code,” the statement said.
“To stop the proliferation of these links, we have taken necessary steps to take down the fake and malicious websites, social media pages, and advertisements misusing the name of Mr. Zobel and the Ayala Group,” the statement added.
Digital currency scam not digital currency-related
In an interview with Forkast News in September 2023, now-former Securities and Exchange Commission (SEC) Commissioner Kelvin Lester Lee said many of the supposed digital currency scams are not generally digital currency-related. Lee explained they are generally just Ponzi schemes and digital currency is being used “to make it sexier to the public so that they will invest.”
The BSP’s alert reminds the public to exercise caution in the face of sophisticated scams that leverage advanced AI technology. By staying informed and vigilant, individuals can better protect themselves from falling victim to these fraudulent schemes.
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