Whoscall, a global anti-fraud operation, has identified three main channels used by investment fraudsters targeting Overseas Filipino Workers (OFWs).
Investment scams are among the most common types of fraud, where people are tricked into investing their money.
OFWs are often the main targets, as fraudsters use social engineering techniques to exploit their vulnerability.
“They (scammers) may promise investment opportunities in stocks, bonds, commodities, currency, or even real estate to their victims,” said Gogolook Philippines Country Head Mel Migriño.
“These scams often involve luring victims with promises of high returns on investment, often using false or misleading information to lure them (the victims),” he added.
Whoscall, developed by Gogolook, a global leader in TrustTech, aims to protect individuals from online fraud and scams.
As a tool that protects its users from potential online scams, Whoscall has identified three key channels that fraudsters often use to target OFWs.
Messaging apps
Message forums are often used by scammers to communicate directly with potential victims. They often use anonymous numbers, often obtained through illegal SIM card sales, to make their plans.
“These fraudsters, like in other scams, take advantage of the OFW’s weakness by promising that they will not need to work abroad if they invest,” said Ms. Migriño.
This strategy helps fraudsters build personal relationships and gain trust before presenting fraudulent investment offers.
Social Media
As the leading platforms in the digital age, social media has become an important channel for fraudsters who target OFWs with investment scams.
Using fake accounts, fraudsters exploit platforms like Facebook and Instagram to promote fake investment opportunities. They create groups or pages that create a false sense of community and urgency, pressuring OFWs to invest quickly without proper research.
“Because of its accessibility to OFWs, fraudsters live on these platforms with convincing advertisements. Many OFWs are lured into clicking unverified links that lead them to fake investment platforms. Once they have invested the money runs out, they become victims of these schemes,” explained Ms. Migriño.
Although many platforms have entered the market, email remains one of the most widely used fraud tools for investment scams.
“One red flag that OFWs should watch out for is a promise that seems too good to be true, such as a ‘risk-free’ investment. Fraudsters often use email to make their schemes appear organized and convincing,” said the Country Head of Gogolook Philippines.
“Fraudsters also rely on emails to reach OFWs, often sending unsolicited messages with promises of lucrative investment opportunities,” he added.
These emails often contain false testimonials or exaggerated claims to tempt recipients into investing.
How to avoid investment scams
One of the best ways for OFWs to stay clean online is to download anti-scam applications like the Whoscall app.
With the app’s URL Scanner feature, users are warned if the websites they are about to interact with are safe or fraudulent. The protection of personal data and the protection of society are the main features of the Whoscall anti scam application.
“Through this, we can help protect our beloved modern heroes from becoming victims of investment scams,” said Ms. Migriño.
He also urged OFWs to be vigilant, especially during the holidays when generosity is high due to tradition.
“To all Overseas Filipino Workers (OFWs), we urge you to be on the lookout for investment scams. Remember: if it sounds too good to be true, it probably is. Always research and verify before investing your hard earned money,” he advises.
Illegal use of AI
Ms Migriño also highlighted the illegal use of artificial intelligence (AI) by fraudsters to profile potential victims online.
“AI is one of the most powerful tools people can use to fight online scams,” he said, “but we have to remember that it’s a double-edged sword – it can be used for good or it can be used for harm.”
He added, “With AI, fraudsters can quickly and easily profile potential victims online. This should remind us to always be mindful of online safety and to think carefully about what personal information we share online.”
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