Online selling scams – the most common modus of fraudsters – cost Filipinos almost P69 million from January to August 2023
MANILA, Philippines – Filipinos have lost at least P155.20 million due to scams in the first eight months of 2023 alone, and now the pressure is on for lawmakers to stop fraud from creeping into an increasingly digital economy.
“While digitalization and the widespread use of digital finance opened opportunities for the banking sector, it is also apparent that opportunists also devised new methods to take advantage of this emerging financial market,” said Villar. In general, most attempted fraud comes in the form of phishing attacks, which try to get users to give sensitive personal information that scammers can use to take money from someone’s bank or e-wallet account. This can be done through email, through calls , or through text messages .
These scammers – who mostly target self-employed individuals from 21 to 40 years old – often use Facebook to sell an attractive product. They request the consumer to make a downpayment on the product through an electronic payment system like GCash before cutting off contact completely.
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