This summer season, Filipinos are usually on high alert for fraudsters and swindlers victimizing families in a very particular fashion, that a unique term has already been coined for it – Budol-budol.
Particularly during summer, when some, if not most members of the family are out on vacation and a few others are charged to be the house’s steward, is when the smooth-talking tricksters exchange bundles of newspaper for what victims thought were stacks of cash, or trick unsuspecting house stewards into sending cash for a supposed emergency. The term, traced to Hiligaynon street slang in the 1990s, became shorthand for any con that turns misplaced trust into easy money.
Today, those bundles are digital. More than tens of millions of Filipinos have tried e-wallets, and QR codes have replaced the brown envelopes of old.
That broad and massive use of mobile wallets has delivered convenience, yet it has also handed fraudsters a larger stage. Criminals no longer need to hover outside banks. Instead, a text message, a spoofed website, or a hijacked social-media chat can unlock thousands of accounts in minutes.
Digital fraud remains a serious concern globally, as highlighted by a recent 2024 LexisNexis Risk Solutions report. It revealed a 17% increase in digital fraud within the financial services sector, primarily driven by payment fraud and new account creation scams. Southeast Asia, in particular, is vulnerable, with scam syndicates actively using phishing, account takeovers, and social engineering tactics to target e-wallet users.
Meanwhile a U.N. study estimates that industrial-size scam centers across East and Southeast Asia now churn out close to US $40 billion in illicit profits each year.
To avoid becoming victims of these digital fraud schemes, TOP.ph advises users to follow these essential tips:
Be skeptical of unsolicited communications
Legitimate e-wallet service providers such as TOP.ph will never ask for users’ passwords, PINs (personal identification numbers), and OTPs (one-time passcodes) via email or SMS. So, don’t easily click on random links that ask for your e-wallet PINs or OTPs.
Use strong, unique passwords
Avoid using easily guessable passwords and refrain from reusing passwords across multiple platforms. Consider using a reputable password manager to keep track of your credentials. Given the complex technology that fraudsters employ to crack into people’s e-wallet accounts, it is always more secure to have a password that can sufficiently protect you and your account. At TOP.ph, we require users’ passwords to have at least one number, one uppercase letter, one lowercase letter, one special character, and a minimum of 10 characters.
Enable Two-Factor Authentication
Two-factor authentication adds an extra layer of security by requiring a second verification form when accessing your account. This feature is available in the TOP.ph app, which requires an OTP for every transaction.
Do regular account monitoring
Frequently check e-wallet transactions to identify and report any unauthorized activities quickly.
Download Apps from official sources
Only install e-wallet applications from official app stores to minimize the risk of downloading malicious software. It is best to have a trusted e-wallet app that offers multiple layers of account protection and security.
TOP.ph complements these safety user habits with end-to-end encryption, real-time anomaly detection, and in-app safety drives, reminding customers that every transaction should feel as easy as a routine and safe as handing cash to a trusted store attendant.
Budol has always thrived on haste and distraction. Whether these issues come wrapped in crumpled newsprint supposedly as wads of cash or disguised as a too-good-to-miss promo, the cure is the same: pause, verify, and lean on trusted channels. In the Philippines’ mobile-first financial landscape, that habit turns a pocket-sized wallet into a fortress—and keeps summer getaways and late-night food deliveries from becoming costly lessons in digital trust.