Binance & PH Cybercrime Unit Detail Crypto Crime Reports

What are the kinds of fraud and cybercrime reports the CICC and Binance regularly receive?

Editing by Nathaniel Cajuday

One of the inquiries asked during the Cybercrime seminar with the Cybercrime Investigation and Coordination Center (CICC) and Binance was about the kinds of reports that are related to cyber crimes involving cryptocurrencies that the authorities are receiving. 

What kind of person is reporting this and what countries are involved?

PNP Investigator Flores answered the inquiry. According to him, one of the reported incidents was in regard to an investment scam associated with cryptocurrencies, which involves a huge amount of money. The investigation showed that the perpetrator blocks the victims after their transactions and has no contact with the perpetrator afterward.

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As for CICC Deputy Director Mary Rose Magsaysay, this is just an example of the big ones, not the commonly reported ones. The most commonly reported are petty crimes involving wallets and more from the majority of the population.

“This particular government is after the resolution on the majority of the cases especially for the small people involved. It’s not just the big ones and if it’s the big ones, it has affected a lot of people. So, it’s more than that,” stated Magsaysay. 

Meanwhile, Jarek Jakubcek of Binance also shared his personal experience in working with cybercrime investigations happening in other countries. 

He also shared that there are criminals who will hold a huge ransom for a mass number of people or high-profile companies. Crypto-related transactions are getting slower based on his experience.

Magsaysay responded to Jakubcek’s statement that the Philippines has a different experience. Filipinos may not know that they are attacked by ransomware and critical infrastructures of the government (CII) may not be targeted by international crime groups because the government is not that big and rich enough to be worth targeting with ransomware.

So, what is prevalent in our country, if there are big ones, they are the one that has been ran after by the PNP. But there are like gazillions, and hundreds of thousands of transactions, the small ones that are financial in nature. That’s what CICC is focusing on that affects the Filipinos and mass in total,” added Magsaysay.

According to the CICC Deputy Director, their office is focusing on the “small bit”  which are 90% to 95% of the cases, adding that “at the end of the day, there are small people that are doing this as well as big groups also doing this. So, that’s our focus.” 

A followup question was then asked of what are the specific reports that are reported, Magsaysay responded that these are the automated SMS text schemes that Filipinos are receiving which could lead them into clickbait. Even the name of the receiver is on the message, which can freak out the common Filipino.

Jakubcek of Binance also affirmed that there are these kinds of schemes that target the financial sector using Binance for fraudulent transactions for petty crimes and investment schemes.

For more details of the meeting, read Binance, CICC Conduct Blockchain Forensics Seminar for PH Agencies to Fight Crypto Crime.

This article is published on BitPinas: Binance & PH Cybercrime Unit Detail Crypto Crime Reports

Disclaimer: BitPinas articles and its external content are not financial advice. The team serves to deliver independent, unbiased news to provide information for Philippine-crypto and beyond.

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