With its shared mission of consumer protection for a safer and secure digital economy, the Department of Information and Communication Technology (DICT) through its sub-agency Cybercrime Investigation and Coordination Center (CICC), conducts a joint learning session among the investigators of the CICC, the first of its many initiatives to provide safer and more secure cyberspace for millions of Filipinos in cooperation with GCash, the country’s top finance app.
Held at the CICC hub in Bonifacio Global City, Taguig, the event was graced by key officials and leaders from the National Privacy Commission (NPC) National Telecommunications Commission (NTC), and Bureau of Internal Revenue (BIR). They were joined by leaders from GCash who highlighted the e-wallet’s best practices in cybersecurity as a vital component of digital financial services. This includes an in-depth discussion on the different innovative products of GCash, and how the e-wallet prioritizes the safety of its users through its GSafeTayo campaign along with the launch of its newest security measures on the app.
GCash also sheds light on the importance of data privacy and the different steps being taken to ensure strict data privacy compliance and improve customer trust and loyalty. To help Filipinos become more well-informed and financially secure individuals, GCash also had a comprehensive discussion on the common cases of fraud as well as GCash’s initiatives enhancing its security and fraud prevention on the app.
Through these partnerships, GCash and its partners also aim to leverage their strengths and enhance cyber capabilities while promoting financial inclusion.
“We reaffirm to the public that we are continuously maximizing our efforts concerning the cyber security of millions of Filipinos. Thus, we form partnerships such as this that can help boost the government’s initiatives in reducing cybercrime,” said CICC Executive Director Usec. Alexander Ramos.
With Trust and Security as a top priority for GCash, it also underscored its continuous efforts to innovate its financial services and products, and to deliver more streamlined processes for identifying and mitigating potential risks, ensuring its platform is compliant, safe, and secure.
GCash allows users to access digital financial solutions beyond their purchasing power as it is an easy way to pay bills, buy goods and services, send or receive money wherever you are, grow your savings, avail of insurance products, and invest in stocks, among others with just a few clicks. But more than the convenience, GCash’s products and services were also engineered to boost customer protection by adding trust and security features to every product and service it offers. For one, the DoubleSafe security feature that safeguards users against unauthorized transactions by using the Face ID authentication process which cannot be manipulated or duplicated.
“GCash’s suite of financial services enables the underserved and unserved access to financial services with greater convenience, safety, and security – anytime and anywhere,” said Associate Vice President for Commercial Sales Macky Limgenco II.
True to the company’s vision of “Finance for All”, GCash head of executive escalations Rox Samin also said that the e-wallet’s products are designed for both the banked and unbanked. “While it is clear that technology helps pave the way for a more financially inclusive society, GCash knows the importance of educating users about safer use of cyberspace, especially financial services.
“GCash, as the biggest digital ecosystem in the country, is in a perfect position to boost the data privacy of users against online scams. This partnership with our key partners from the government will only push GCash further to bring an even more secure and seamless experience. With these GCash updates, users can rest assured that their money is in safe hands,” said GCash Head of Data Privacy Atty. Rob Real
While it is crucial for fintech giants such as GCash to strengthen its initiatives to combat online scams, GCash Head of Legal Pursuance and Counsel Attorney Dino Regalario also emphasizes the need to extend digital literacy initiatives and programs to help educate more Filipinos on some of the most common types of scams and how they can protect themselves better against fraudulent activities.
As cyber criminals elevate their illegal tactics to scam users, GCash also reminded Filipinos to keep being vigilant and become more aware of different online scams and fraudulent activities such as phishing scams where criminals impersonate legitimate organizations via email or text, smishing; a text-enabled scam where cybercriminals send malicious links often disguised as account notices, prize notification, job offers, among others, love scam or online dating scam, online gambling scam, investment scam, loan scam, sextortion, and identity theft.
Through its continuous collaboration with top law enforcement agencies in the country, GCash and its partners also blocked over 4.1 million accounts from January 2022 to June 2023 due to fraudulent transactions and other malicious activities.
“At GCash, we believe that constantly building partnerships with the authorities is a key factor in strengthening the defenses of our platform to safeguard users from all kinds of cybercrime. We are honored to continue this collaboration as this will directly contribute to creating digital-resilient and secured cyberspace in the Philippines,” said GCash Chief Risk Officer Ingrid Beroña.
Adding to GCash’s mission to strengthen the fight against scammers and fraudsters, GCash Advocacy Legal Counsel Attorney Mark Anthony Amurao also reiterates the e-wallet’s full support for the passage of the Anti-Financial Account Scamming Act (AFASA Bill) which is aimed at combatting the surge of scams including money mules involving e-wallets, banks, and other financial institutions. “Once enacted into law, GCash will now have authority and power to act on suspicious transactions detected on the app without having to undergo a complex process of securing the identity of the involved accounts. This will give us border solutions to boost anti-scam mechanisms.”
