Coins.ph warns of scams targeting digital finance users in Philippines
Research cited by the exchange estimated annual scam losses at ₱121.8 billion and found that 84% of Filipino adults had encountered scams.
Coins.ph warned on November 10 that fraudsters were exploiting financial platforms and online channels, citing Philippine research that estimated losses from scams at ₱121.8 billion annually.
The digital asset exchange drew on the State of Scams Philippines Report 2026 from the Global Anti-Scam Alliance, prepared with Mastercard and Gogolook. It said the findings showed 84% of adults in the Philippines had encountered scams within the preceding year.
According to Coins.ph, reported use of e-wallets to transfer stolen money increased to 73% from 34% within a year. The company identified four types of fraud aimed at people using digital financial services.
These included phishing through imitation websites, emails and text messages designed to obtain passwords or one-time PINs. Fraudsters also impersonate customer service representatives through messaging apps and social media, seeking account information or asking people to transfer funds, the exchange said.
Coins.ph also flagged fraudulent trading programmes promising unusually high or guaranteed returns to attract deposits. Employment and task schemes advertise simple online work with cryptocurrency payments, then demand deposits before applicants can access assignments or take out earnings, it said.
