Scammers' E-Wallet Use in Philippines More Than Doubles

The reported use of e-wallets to move stolen money in the Philippines has more than doubled in a year, digital asset exchange Coins.ph warned, as fraudsters increasingly trick users into handing over access to their accounts, Context.ph reported on Tuesday (Nov 10).

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 funds rose to 73 per cent from 34 per cent a year earlier.

The report, produced with Mastercard and Gogolook, found that 84 per cent of Filipino adults encountered a scam in the past 12 months, up from 77 per cent, with estimated annual losses of P121.8 billion.

Shift away from bank transfers

The GASA survey of 1,160 Filipino adults showed scammers’ use of bank account transfers falling to 12 per cent from 36 per cent, Backend News reported when the report was released in October.

Among those who encountered scams, 39 per cent were approached through messaging apps and 36 per cent through social media posts. Overall, 88 per cent of scam attempts took place on platforms that allow private messages.

Some 22 per cent of victims surveyed said they could no longer pay for basic essentials. The Manila Times reported that only 4 per cent of all respondents reported a scam to authorities, rising to 29 per cent among those who lost money.

A separate October report by the ASEAN+3 Macroeconomic Research Office (AMRO) found that 74 per cent of Filipino scam victims who lost money paid through digital wallets, against an ASEAN average of 34 per cent, Context.ph reported. Only 14 per cent used bank or wire transfers, compared with 52 per cent across the ASEAN economies surveyed.

How the scams work

“Most scams don’t break into an account,” said Amira Alawi, global marketing director at Coins.ph, adding that they persuade the owner to let them in.

The company, which issued the warning during International Fraud Awareness Week, listed phishing messages and websites, impostors posing as customer support staff, investment pitches promising guaranteed returns and online job offers requiring upfront deposits as common schemes.

Coins.ph also cautioned users against lending, renting out or selling verified e-wallet and bank accounts, saying such accounts can become channels for stolen money and expose their registered owners to financial and legal consequences.

What’s next

Coins.ph urged 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 relevant authorities.

AMRO warned in its report that scam losses can strain household finances, dampen consumer spending and reduce working capital for micro, small and medium enterprises, according to Context.ph.

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