Philippines Hit by ₹18,100 Crore Scam Losses, 84% of Adults Targeted

Nearly 84% of Filipino adults encountered scams over the past year, while estimated financial losses reached PHP 121.8 billion, according to the State of Scams Philippines 2026 report. The findings highlight widespread digital fraud, increasing misuse of e-wallets and low reporting rates among victims.

What Does the Report Reveal?

The report, prepared by the Global Anti-Scam Alliance (GASA) in collaboration with Mastercard and Gogolook, found that 84% of Filipino adults had encountered scams during the previous year, compared with 77% a year earlier.

The findings were based on a survey of 1,160 adults and extrapolated to estimate the national impact of fraudulent activities. Researchers estimated annual scam-related financial losses at PHP 121.8 billion.

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The report also found that 15% of respondents had lost money or personal information through scams. Despite the widespread exposure, only 4% reported an incident to the authorities.

How Are Scammers Moving Money?

Digital wallets have emerged as the primary channel used by victims to transfer money to fraudsters, reflecting a significant change in payment patterns.

Among respondents who lost money, 73% reported sending funds through e-wallets, compared with 34% the previous year. The proportion involving bank and wire transfers declined from 36% to 12%.

The findings indicate that fraudsters are increasingly exploiting digital payment channels to receive money from victims. The shift also highlights the importance of recognising suspicious payment requests before authorising transfers.

What Types of Scams Are Common?

Coins.ph, a Philippine digital financial services platform, identified four common fraud schemes that rely heavily on social engineering rather than sophisticated hacking techniques. The first involves phishing, where criminals use fraudulent emails, text messages and websites to obtain passwords, one-time passwords and other confidential information.

The second involves impersonation, with fraudsters creating fake customer support accounts on social media and messaging applications to deceive users.

Investment scams form another major category. These schemes attract victims through promises of guaranteed profits or unusually high financial returns.

The fourth category involves employment and task-based scams, where criminals offer simple online work, sometimes promising cryptocurrency payments, before asking applicants to deposit money.

Why Are Victims Falling for Scams?

Amira Alawi, Global Marketing Director at Coins.ph, highlighted how scammers manipulate account holders into voluntarily providing access to sensitive information or transferring funds.

Unlike cyberattacks that involve directly breaking into financial accounts, many scams depend on convincing individuals that a fraudulent request is genuine. Criminals may impersonate trusted institutions, promise attractive returns or present fake employment opportunities to persuade victims to cooperate.

These methods allow fraudsters to exploit trust and financial expectations without necessarily compromising the technical security of a banking platform.

What Are the Risks of Sharing E-Wallets?

Coins.ph also warned users against lending, renting or selling verified e-wallet and bank accounts to other individuals. Such accounts can be misused by fraudsters to receive and transfer money obtained through illegal activities.

The company highlighted that using financial accounts for scams can attract penalties under the Philippines’ Anti-Financial Account Scamming Act, Republic Act No. 12010.

The warning draws attention to the role of account holders in preventing criminals from gaining access to legitimate payment channels.

How Can Users Protect Themselves?

Coins.ph advised users never to disclose passwords, one-time passwords or account recovery phrases to anyone requesting them through calls, messages or online platforms.

Users were also encouraged to report suspicious transactions and activities through the company’s Help Center or relevant authorities.

The findings underline the importance of verifying investment offers, employment opportunities and payment requests before sharing personal information or transferring money. With scam exposure rising and e-wallets increasingly used to move stolen funds, the report highlights the need for stronger consumer awareness, safer digital payment practices and more effective fraud reporting.