Central Bank Governor Refutes Crypto Endorsement Claims
The Philippines’ central bank has issued a warning urging citizens to exercise caution regarding crypto scams circulating on social media. The bank clarified that Governor Eli Remolona, Jr. does not endorse any alleged crypto project such as “Tesler Code” or any other crypto investment.
The central bank highlighted that scammers are leveraging AI-manipulated videos to disseminate false information. These deepfakes often feature central bank officials and other public figures to lend credibility to their schemes.
To combat these scams, the central bank advised the public to stay vigilant and avoid sharing personal information with suspicious entities. It also encouraged verifying the authenticity of social media posts and reporting any suspicious activities.
“Misrepresenting the BSP or any of its officers or units is punishable under the law,” the announcement emphasized.
Ayala Corporation Falsely Associated with Crypto Scam
The scam also targeted Ayala Corporation, a major Philippine conglomerate. Last month, Ayala clarified that its chairman, Jaime Augusto Zobel de Ayala, is not connected to “Tesler Code.” The company reported that scammers falsely claimed associations with prominent businesses and figures to lure investors into the fraudulent project.
In response, Ayala Corporation took action to remove fake websites and social media pages, aiming to curb the spread of misleading information.
Sophisticated Crypto Scams Utilize AI and Deepfakes
Crypto scammers are increasingly using advanced technologies like AI and deepfakes to deceive their targets. A recent cybersecurity report exposed a widespread deepfake campaign on YouTube, involving over 35 channels broadcasting a fabricated video of Elon Musk. These channels targeted space enthusiasts anticipating a SpaceX launch, using the fake video to promote a bogus high-yield crypto scam.
Conclusion
The Philippines’ central bank and major corporations are taking steps to warn the public and crack down on sophisticated crypto scams. Citizens are urged to remain alert, verify information, and report suspicious activities to protect themselves from falling victim to these evolving fraudulent schemes.
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