Philippine and Australian authorities have issued a joint warning about a rising wave of love scams that exploit cryptocurrency investments. The scams, which target victims through online dating apps, involve scammers creating fake profiles to manipulate their targets emotionally. Once trust is established, the scammers introduce cryptocurrency investments, often convincing victims to transfer funds ranging from 300 to 800 Australian dollars to their crypto accounts.
The scams are particularly concerning because they often involve elaborate backstories, such as a scammer posing as a Filipina who claims her ex-fiancé only wanted her money. The scammers then promote cryptocurrency as a lucrative investment opportunity, exploiting the victim's emotional attachment. Authorities have linked these scams to Philippine offshore gaming operators (POGO), which have been banned but were previously involved in similar fraudulent activities.
To avoid falling victim to these scams, authorities recommend being cautious about online interactions, avoiding sending money to strangers, and reporting any suspicious activity. Victims are advised to preserve all evidence, contact their bank or digital currency exchange, and report the incident to law enforcement agencies like the Philippine National Police (PNP) Anti-Cybercrime Group or the National Bureau of Investigation (NBI) Anti-Cybercrime Division.
Love scams have become a significant cybercrime issue in the Philippines, with estafa cases making up the largest number of cybercrime incidents recorded by the PNP in February 2024. Recent raids, such as one in October 2024 near the World Trade Center in Pasay City, have uncovered the extent of these operations, highlighting the need for increased vigilance among online daters.