Coins.ph warns vs. digital fraud as number of scam victims rise

Digital asset exchange Coins.ph on Tuesday warned the public about the growing threat of digital fraud as scammers increasingly exploit online channels and financial platforms.

In a news release, Coins.ph cited findings from the Global Anti-Scam Alliance's State of Scams Philippines Report 2026, produced in partnership with Mastercard and Gogolook.

Citing the report, Coins.ph said 84% of Filipino adults encountered a scam over the past year.

Total estimated annual losses reached P121.8 billion.

Furthermore, the digital exchange said that e-wallets are growing rapidly as channels for moving stolen money, with reported usage rising sharply from 34% to 73% in just one year.

With this, Coins.ph cited four common schemes targeting digital financial users.

The first is phishing and impersonation, involving fake texts, emails, and websites that mimic legitimate platforms to steal passwords and one-time PINs.

The second is fake customer support, where fraudsters pose as representatives on social media and messaging apps to solicit account details or direct fund transfers.

The third involves investment scams featuring fake trading programs that promise guaranteed or unusually high returns to lure deposits.

The fourth comprises task and employment scams, which offer easy online work paid in cryptocurrency before demanding money deposits from applicants to unlock tasks or withdraw earnings.

Phishing remains a primary anxiety for Filipino consumers, it said.

Coins.ph urged users to protect themselves by never sharing one-time PINs, passwords, or recovery phrases, and by strictly transacting through official channels.

It added that users can report suspicious activities directly through the Coins.ph Help Center or relevant authorities. –NB, GMA News