Philippines’ Central Bank Chief Rejects Crypto Endorsement Claims

Philippines’ central bank issued a warning on Friday, urging citizens to be more cautious about crypto scams on social media. It clarified that Governor Eli Remolona, Jr. does not endorse an alleged crypto project “Tesler Code” or any other crypto investment.

Further, it warned that scammers are using AI-manipulated videos on social media to spread misinformation. These deepfakes target organizations such as the central bank and its officials. They also target other public figures to make their scams appear legitimate.

To protect against this scam and others like it, the bank advised the public to stay alert and avoid giving personal information to suspicious parties. The public is also encouraged to verify social media posts’ authenticity and to report suspicious activities.

“The act of misrepresenting the BSP or any of its officers or units is punishable under the law,” the announcement read.

@BangkoSentral Advisory against fraudulent social media content pic.twitter.com/bkywV4d2ap

— Bangko Sentral (@BangkoSentral) July 12, 2024

Ayala Corporation, a major conglomerate in the Philippines, also appears to have been targeted in this scheme. Last month, the company clarified that its chairman, Jaime Augusto Zobel de Ayala, is not associated with “Tesler Code.” It reported that some individuals falsely claimed association with well-known businesses and figures to persuade people to invest in this project.

Subsequently, Ayala said it cracked down on the fake websites and social media pages. It worked to remove these deceptive online presences to prevent the spread of misleading information.

Crypto scams are increasingly getting more sophisticated, with fraudsters turning to AI and deepfakes to trick their victims. Fraudsters are deploying AI to churn out convincing narratives, making their schemes appear more trustworthy.

Just last month, a cybersecurity report exposed a massive deepfake campaign on YouTube.

Over 35 channels broadcasted a fabricated video of Elon Musk. They all appeared to prey on space enthusiasts eager to watch the SpaceX launch, all to promote a bogus high-yield crypto scam.