Scammers don’t always need sophisticated hacking techniques to steal money. Sometimes, all it takes is a convincing message or a fake customer service representative to get victims to willingly hand over their account details.
This growing threat is reflected in the Global Anti-Scam Alliance’s (GASA) State of Scams Philippines Report 2026, produced with Mastercard and Gogolook. According to the report, 84% of Filipino adults encountered at least one scam in the past year, up from 77%, with estimated annual losses reaching P121.8 billion.
E-wallets are also increasingly being used to move stolen money, with their reported use in scam-related transactions rising from 34% to 73% in just one year.
In observance of International Fraud Awareness Week, digital asset exchange and mobile wallet platform Coins.ph is urging consumers to stay vigilant against online fraud and be more careful when handling digital transactions.
“Most scams don’t break into an account. They convince the account owner to open the door,” said Amira Alawi, Global Marketing Director at Coins.ph. “Our team works every day to catch fraud before it reaches our users. The best protection, though, is a user who can recognize a scam the moment it shows up.”
Many scams rely on social engineering, or manipulating people into sharing sensitive information or sending money. Coins.ph identifies four common schemes targeting users of digital financial services:
- Phishing and impersonation: Fake texts, emails, and websites imitate legitimate platforms to steal passwords and one-time PINs (OTPs).
- Fake customer support: Scammers pose as company representatives on social media or messaging apps to obtain account details or convince users to transfer funds.
- Investment scams: Fraudsters promote fake investment opportunities with promises of guaranteed or unusually high returns.
- Task and employment scams: Fake job offers promise easy online earnings, sometimes in cryptocurrency, but require applicants to deposit money before completing tasks or withdrawing supposed earnings.
Phishing remains a major concern among Filipino consumers. A TransUnion study covering August to December 2025 found that phishing (45%) and fraudulent text messages (38%) were the most commonly reported digital fraud schemes in the country. Meanwhile, 6.1% of login attempts in the Philippines were flagged as suspected fraud in 2025.
Crypto investors should also be wary of promises of easy money. The FBI reported $7.2 billion in losses from crypto investment fraud in 2025, making it the costliest type of cybercrime reported to the agency.
Aside from avoiding suspicious offers and messages, Coins.ph reminds users never to share their OTPs, passwords, or recovery phrases, and to transact only through official channels. Users should also avoid lending, renting, or selling their verified e-wallet or bank accounts, as these may be used to move stolen funds.
Under the Anti-Financial Account Scamming Act (Republic Act No. 12010), individuals involved in prohibited financial account activities may face legal consequences. Suspicious transactions can be reported through the Coins.ph Help Center and the appropriate authorities.
“Reporting quickly gives us the best chance to act,” Alawi said. “The checks we run inside Coins.ph are only part of keeping people safe. Sharing what we see with our users and the wider community is how that protection reaches further.”
