With e-wallets increasingly used to move stolen funds, the digital asset platform is urging vigilance against fraudulent schemes
In observance of International Fraud Awareness Week, Coins.ph, a digital asset platform and mobile wallet in the Philippines, is cautioning users against the growing risks of digital fraud as scammers increasingly exploit financial platforms and online channels.
According to the Global Anti-Scam Alliance’s (GASA) State of Scams Philippines Report 2026, produced with Mastercard and Gogolook, 84 percent of Filipino adults encountered a scam in the past year, up from 77 percent, with estimated annual losses reaching PHP121.8 billion.
The report also found that e-wallets are becoming an increasingly common channel for moving stolen money, with their reported use rising from 34 percent to 73 percent in just one year.
“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.”
FOUR SCHEMES TO WATCH FOR
While scam tactics continue to evolve, many rely on social engineering rather than sophisticated hacking. Coins.ph identifies four prevalent 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: Fraudsters pose as platform representatives on social media and messaging apps, asking users for account details or directing them to transfer funds.
- Investment scams: Fake trading opportunities and investment programs promise guaranteed or unusually high returns to convince victims to deposit money.
- Task and employment scams: Fraudsters offer easy online work, often with payment in cryptocurrency, before asking applicants to deposit money to unlock tasks or withdraw supposed earnings.
PHISHING AND CRYPTO FRAUD, BY THE NUMBERS
Phishing remains a major concern among Filipino consumers. A TransUnion study covering August to December 2025 found that phishing (45 percent) and fraudulent text messages (38 percent) were the most commonly reported digital fraud schemes. Meanwhile, 6.1 percent of login attempts in the Philippines were flagged as suspected fraud in 2025.
Crypto investment fraud also carries significant financial consequences. The FBI reported USD7.2 billion in losses from crypto investment fraud in 2025, making it the costliest type of cybercrime reported to the agency.
“Real investments carry risk, and nobody can honestly promise you a fixed return on crypto,” Alawi said. “If someone guarantees your profit, that guarantee is a scam.”
WHEN LEGITIMATE ACCOUNTS HELP MOVE STOLEN FUNDS
Beyond individual scams, the use of legitimate financial accounts to move stolen funds presents another concern. Individuals may be recruited to lend, rent, or sell their verified e-wallet or bank accounts for this purpose. Under the Anti-Financial Account Scamming Act (Republic Act No. 12010), using financial accounts for scamming and other prohibited activities carries legal consequences.
Coins.ph reminds users to never share their OTPs, passwords, or recovery phrases, and to transact only through official channels. Suspicious activity 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.”
SPONSORING THE ACFE NATIONAL FRAUD CONFERENCE
As part of its efforts to promote greater awareness and collaboration in fraud prevention, Coins.ph is sponsoring the 14th National Fraud Conference of the Association of Certified Fraud Examiners (ACFE) Philippines Chapter. The conference brings together fraud examiners and compliance professionals to discuss emerging threats and strengthen approaches to detecting and preventing fraud.
Through the sponsorship, Coins.ph is contributing to broader industry discussions on emerging fraud threats and the role of financial institutions and technology platforms in protecting consumers. More information on fraud awareness and protection is available through the official Coins.ph website and social media channels.