Whoscall, a worldwide anti-fraud app, has pinpointed three main avenues utilized by investment con artists aimed at Overseas Filipino Workers (OFWs).
Investment frauds rank among the most prevalent varieties of scams, where individuals are misled into investing their funds.
OFWs frequently become prime victims, as fraudsters employ social engineering tactics to take advantage of their susceptibility.
“These fraudsters may promise investment prospects in stocks, bonds, commodities, currencies, or even real estate to their targets,” explained Mel Migriño, Country Head of Gogolook Philippines.
“Such scams generally involve enticing targets with assertions of substantial returns on investments, often employing false or deceptive information to attract them (victims),” she further stated.
Whoscall, crafted by Gogolook, a global authority in TrustTech, seeks to shield individuals from online fraud and scams.
As a resource that safeguards its users against possible online frauds, Whoscall has recognized three essential channels frequently employed by scammers to prey on OFWs.
Messaging Applications
Messaging services are frequently exploited by scammers to directly interact with potential victims. They typically use unrecognized numbers, often acquired via illicit SIM card sales, to execute their schemes.
“These con artists, similar to other scamming scenarios, take advantage of the weaknesses of OFWs by assuring them they won’t need to work abroad if they invest,” Ms. Migriño remarked.
This approach enables fraudsters to cultivate personal connections and gain trust prior to presenting their fraudulent investment propositions.
Social Networking Sites
As dominant platforms in the digital era, social media has emerged as a significant channel for scammers aiming at OFWs via investment frauds.
By employing counterfeit accounts, scammers exploit networks like Facebook and Instagram to tout fake investment opportunities. They establish groups or pages that foster a false sense of community and urgency, pressuring OFWs to invest hastily without adequate research.
“Due to its accessibility to OFWs, scammers inhabit these platforms with persuasive advertisements. Numerous OFWs are tricked into clicking unverified links that direct them to fraudulent investment sites. Once they invest, the funds vanish, leaving them as victims of these scams,” Ms. Migriño clarified.
Despite the influx of various platforms, email continues to be one of the primary tools fraudsters employ to conduct investment scams.
“A major warning sign for OFWs to be alert to is an offer that appears too good to be true, such as a ‘no-risk’ investment. Scammers frequently utilize email to make their schemes seem more legitimate and persuasive,” stated the Country Head of Gogolook Philippines.
“Scammers also depend on email to reach OFWs, regularly dispatching unsolicited messages promising lucrative investment opportunities,” she added.
These emails often include fabricated testimonials or overstated claims to entice recipients into investing.
How to Prevent Investment Scams
One of the most effective ways OFWs can uphold cyber hygiene is by downloading anti-scam applications such as the Whoscall App.
With the app’s URL Scanner feature, users are notified if the websites they are about to engage with are secure or potentially fraudulent. Safeguarding personal information and community protection are central focuses of the Whoscall anti-scam application.
“With this, we can assist in safeguarding our cherished modern heroes from becoming victims of investment scams,” Ms. Migriño commented.
She also encouraged OFWs to remain alert, particularly during the holiday season when generosity is heightened due to tradition.
“To all Overseas Filipino Workers (OFWs), we implore you to remain vigilant against investment scams. Remember: if it sounds too good to be true, it likely is. Always conduct research and verify before investing your hard-earned money,” she advised.
Misuse of AI
Ms. Migriño also emphasized the unethical usage of artificial intelligence (AI) by fraudsters to profile potential victims online.
“AI is one of the most formidable tools that humans can utilize to combat online fraud,” she remarked, “but we must acknowledge it’s a double-edged sword — it can be employed for constructive purposes or exploited for harmful ends.”
She added, “Through AI, scammers can swiftly and effortlessly profile potential victims online. This should remind us to consistently prioritize online safety and cautiously consider what personal information we disclose online.”
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