Philippine Senator Sherwin Gatchalian has filed a Senate Resolution aiming to improve scrutiny over cryptocurrency use in the country, in particular linked to scam operations.
The official linked the scam operations with Philippine Offshore Gaming Operators (POGOs), which have been ruled illegal since January 1st.
Speaking of the scams themselves, Gatchalian noted that “These fraudulent activities are frequently linked to organized cybercriminals including illegal online gaming operators and cryptocurrency transactions that provide perpetrators with an untraceable means of transferring and laundering illicit fund”.
Gatchalian aims particularly to improve monitoring and enforcement measures, with a focus on crypto, stating “The use of cryptocurrencies in these scams also warrants a second look as it poses a significant challenge to regulators and law enforcement due to the cross-border nature of these transactions and its concealability”.
The senator says that further measures are needed beyond the POGO ban and the nation needs to “reassess the use of cryptocurrencies in the country”.
The Philippine National Police Anti-Cybercrime Group reported some eight cases of online love scams in January of this year, with 72 cases in 2024.
One such case involved some 5,000 Australians who were targeted by a love scam center based in the Philippines. Total losses amounted to AU$24 million ($15.3 million) from victims that were mostly male and aged 35 to 80. The victims were targeted using online dating apps.
Gathalian is aiming to improve police and government action to track down scammers across borders, saying that current legislation is insufficient to curtail scam activities.
