MANILA: The Philippines is one of the top ten sources of new online profiles linked to the so-called “love scams” last year, according to the credit rating firm Moody’s.
In a statement, Moody’s estimated there are 1,193 new profiles used to carry out romance scams around the world in 2024, the highest in six years. The number was also up by 14 per cent from 2023.
Of that figure, four per cent, or 45 profiles, came from the Philippines, increasing from 10 in 2023.
Moody’s described the uptrend as a “rapid surge,” adding that isolation during the pandemic had triggered a spike in financial grooming scams targeting vulnerable people with greater need for emotional connection like senior citizens.
Moody’s said the number of Malaysian entities and people with potential links to love scams also rose to 62 last year from just six in 2023. That accounted for five per cent of the total count.
Overall, the Philippines and Malaysia were among the top 10 countries in terms of number of dubious profiles last year, with the United States leading with a 38 per cent share.
Completing the list were Nigeria (14 per cent), India (12 per cent), the United Kingdom (11 per cent), China (5 per cent), Brazil (4 per cent), Canada (4 per cent) and Australia (3 per cent).
“Criminals often seek to launder the money generated from romance scams like sextortion via the traditional financial system. Banks can face significant reputational risks and fines,” Moody’s said.
One prominent love scam involved a 78-year-old Singaporean actor who lost almost P1.5 (US$0.026) million to a woman whom he had met on a dating app which led him to invest in shady online businesses in the Philippines. - Philippine Daily Inquirer/ANN
