Whoscall, a global anti-scam application, has identified messaging applications as the primary channel used by investment scammers targeting Overseas Filipino Workers (OFWs), followed by social media and electronic mail, or email.

Investment scams are among the most common types of scams, where people are deceived into investing their money.

OFWs are often prime targets, as scammers 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. These scams typically involve enticing victims with promises of high returns on investments, often using fake or misleading information to lure them (victims) in," said Gogolook Philippines Country Head Mel Migriño.

Whoscall, developed by Gogolook, a global leader in TrustTech, aims to protect individuals from online fraud and scams.

Messaging apps

Messaging platforms are often used by scammers to directly communicate with potential victims. They commonly use unknown numbers, often obtained through illegal SIM card sales, to carry out their schemes.

"These scammers, like in other scam cases, exploit the vulnerabilities of OFWs by promising that they won't need to work abroad if they invest," said Migriño.

This strategy helps scammers build personal relationships and gain trust before presenting their fraudulent investment offers.

Social media

As leading platforms in the digital age, social media has become a key channel for scammers targeting OFWs through investment scams.

Using fake accounts, scammers exploit platforms like Facebook and Instagram to promote fraudulent investment opportunities. They create groups or pages that build a false sense of community and urgency, pressuring OFWs to invest quickly without proper research.

“Because of its accessibility to OFWs, scammers nest on these platforms with convincing ads. Many OFWs are lured into clicking unverified links that lead them to fake investment platforms. Once they invest, the money is gone, and they become victims of these schemes,” Migriño explained.

Email

While many platforms have entered the market, email remains one of the top tools scammers use to execute investment scams.

“One red flag for OFWs to watch out for is an offer that seems too good to be true, like a ‘no-risk’ investment. Scammers often use email to make their schemes appear more formal and convincing,” said Gogolook Philippines' Country Head.

“Scammers also rely on email to reach OFWs, frequently sending unsolicited messages with promises of lucrative investment opportunities,” she added.

These emails often contain fake testimonials or exaggerated claims to entice recipients into investing.

Migriño said one of the best ways OFWs can maintain cyber hygiene is by downloading anti-scam applications like the Whoscall App.

With the app's URL Scanner feature, users are alerted if the websites they are about to engage with are safe or potentially fraudulent. Protection of personal data and community protection are key thrusts of the Whoscall anti-scam application.

“To all Overseas Filipino Workers (OFWs), we urge you to stay alert against investment scams. Remember: if it sounds too good to be true, it probably is. Always research and verify before investing your hard-earned money,” she advised.

Furthermore, Migriño highlighted the unethical use of artificial intelligence (AI) by scammers to profile potential victims online.

"AI is one of the most powerful tools humans can use to fight online scams," she said, "but we must remember it's a double-edged sword — it can be used for good or exploited for harm."

She added, "With AI, scammers can quickly and easily profile potential victims online. This should remind us to always be mindful of online safety and think carefully about what personal information we share online."