PH among top 10 sources of romance scams–Moody’s
The Philippines is one of the top 10 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 percent from 2023.
Of that figure, 4 percent, 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 5 percent of the total count.
Dubious profiles
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 percent share.
Completing the list were Nigeria (14 percent), India (12 percent), the United Kingdom (11 percent), China (5 percent), Brazil (4 percent), Canada (4 percent) and Australia (3 percent).
“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 case of love scam involved a 78-year-old Singaporean actor who lost almost P1.5 million to a woman whom he had met on a dating app which led him to invest in shady online businesses in the Philippines.
