The use of e-wallets to funnel stolen money has more than doubled in a year, highlighting how fraudsters are exploiting legitimate financial platforms to move illicit funds, digital asset exchange Coins.ph warned.
Citing the Global Anti-Scam Alliance’s (GASA) State of Scams Philippines Report 2026, Coins.ph said the reported use of e-wallets to move stolen money jumped to 73 percent from 34 percent a year earlier.
The report also found that 84 percent of Filipino adults encountered a scam in the past 12 months, up from 77 percent, while estimated annual financial losses reached P121.8 billion. It was produced in partnership with Mastercard and Gogolook.
“Most scams don’t break into an account. They convince the account owner to open the door,” said Amira Alawi, Coins.ph global marketing director.
The warning, issued during International Fraud Awareness Week, underscores the growing role of social engineering in financial fraud. Rather than relying solely on technical breaches, scammers manipulate victims into surrendering account credentials, disclosing sensitive information, or voluntarily transferring money.
Common schemes include phishing messages and websites, impostors posing as customer support representatives, investment pitches promising guaranteed returns, and online job offers that require upfront deposits before supposed earnings can be unlocked or withdrawn.
“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.”
Coins.ph also cautioned consumers against lending, renting out, or selling verified e-wallet and bank accounts. Such accounts can become conduits for stolen money, potentially exposing their registered owners to financial and legal consequences.
The company advised users to keep passwords, one-time PINs, and recovery phrases private, transact only through official channels, and report suspicious activity promptly through its Help Center and the appropriate authorities.
“Reporting quickly gives us the best chance to act,” Alawi said.
