Beware of Play-to-Earn Game Scams, Philippine Police Warn

The Philippines National Police Anti-Cybercrime Group (PNP ACG) has issued a warning to residents regarding play-to-earn (P2E) games that promise rewards. The cybercrime unit has advised players to be cautious of these games as they can be used to steal crypto assets worth millions of dollars. Players can minimize the risk of falling victim to such scams by conducting thorough research before investing funds.

The warning came in the unit’s latest cybersecurity bulletin, in which the PNP ACG explained that these thefts are perpetrated through custom-made gaming apps. The apps entice victims with promises of substantial financial rewards, which are said to be directly proportional to their investments. Such promises are typically made after criminals have successfully established relationships with their targets over time.

The group elaborated on the scam tactics, stating that victims are introduced to an online or mobile game where they supposedly earn cryptocurrency rewards for engaging in activities such as growing animated crops on a virtual farm. These games have been designed to display fake rewards that accumulate as the victim plays. The scammers siphon the funds from the compromised wallets once the victims stop depositing crypto assets. The cybercrime unit highlighted that cybercriminals often escape prosecution due to the relatively new and under-regulated nature of cryptocurrency.

Despite the warnings, the police bulletin recognized the advantages of crypto gaming over traditional games. It mentioned the popular P2E gaming platform, Axie Infinity, which offers players multiple ways to earn money. Nevertheless, the bulletin pointed out that the level of investment required to participate in these games could deter some players. Players may also lose their digital assets if they send them to a wallet that does not support the asset.

The PNP ACG advised players to reduce their chances of losing money to scammers by conducting their own research before investing funds. They should also be vigilant against fake individuals and deceptive links