The Bangko Sentral and the Gokongwei Group warn against “Tesler Code” and “Momentum Capital,” who have been using their names to fool people into investing.

The Bangko Sentral ng Pilipinas (BSP) warns the public to be vigilant against scams after it has become a target of scammers who intend to use a legitimate government financial institution to dupe the Filipino public out of their hard-earned money.

In an official statement, the BSP explained that artificial intelligence (AI) has made it easier to create or manipulate fake videos and audios, making them appear real. “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 statement said.

The BSP further clarifies that Governor Eli M. Remolana, Jr. does not endorse the alleged cryptocurrency project “Tesler Code,” or any other cryptocurrency investment, warning that the act of misrepresenting the government institution and any of its officers is punishable under the law.

To protect against scammers, the BSP asks the public to verify the authenticity of messages supposedly coming from the institution and its officers, and refrain from providing personal information to any suspicious entities.

The Gokongwei Group released a similar warning after JG Summit President and CEO Lance Gokongwei’s name was also used to fool the public into investing in cryptocurrency company “Momentum Capital.”

In its own statement, the holding company clarified that Gokongwei is not connected or involved in any way with the fraudulent entity. The Gokongwei Group said it is already taking measures to stop the spread of false advertisements. The company also advised the public to be extra vigilant and carefully scrutinize web pages and links, due to the rise in scamming and hacking incidents.

“We strongly urge everyone not to engage with suspicious platforms and to properly scrutinize web pages and links at all times,” JG Summit said in its statement.

Previous Warning Against Scammers

Earlier this month, the BSP had already issued a warning against individuals and entities misrepresenting themselves and claiming to be officers, employees, or officers of the BSP.

“These entities unscrupulously use the names or signatures of BSP officers, or the name and logo of the BSP, in their letters, e-mails, messages, websites, or social media accounts to obtain information as part of their modus operandi to perpetrate scams and other fraudulent activities,” it said.

According to the Bangko Sentral, losses from investment scams have already reached over PHP 25 billion as of 2021, victimizing one in every 100 Filipinos. This, as a World Bank Study revealed that the Philippines lags behind other countries in financial literacy.

For suspicious individuals and entities misusing the name of the Bangko Sentral or any of its officers and units, the public is encouraged to report the scammers through the following contact details: