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Signs agreement with PNP-ACG to strengthen fight vs. cybercrimes
GCash is set to roll out a new security feature to prevent unauthorized transactions brought about by phishing and other types of scams.
With #GSafeTayo, the Philippines' number one financial app introduced the "double authentication" feature, ensuring that only the account owner can link his GCash account to a specific device.
"This feature removes customers' dependence on SMS OTPs, which some fraudsters have exploited to scam users. It will provide a unique identifier that scammers can't phish. It also provides an additional layer of security to the current SMS OTP," said Winsley Bangit, Chief Customer Officer of GCash. "We never stop innovating to ensure our 71 million users have the safest and most convenient experience when using the app."
GCash has also introduced a new product under its GInsure platform, "Online Shopping Protect." For just P34 per month, get up to Php20,000 in insurance coverage for incomplete deliveries, defective items, and accidentally damaged or stolen products.
The new offering, which will launch soon on GInsure, is powered by a global insurance company, Chubb.
Aside from continuing to beef up its security measures, GCash has also been ramping up its partnership with authorities and regulators to help ensure the whole e-wallet ecosystem is safe for all.
(L-R) Bea de Ocampo, Head of Enterprise Risk Management, GCash, Atty. Maricor Alvarez-Adriano, Chief Legal Officer, GCash, Winsley Bangit, Chief Customer Officer, GCash, PBGen Joel Doria, Director, PNP-ACG, PCol Bernard Yang, Deputy Director for Operation, PNP-ACG
During the #GSafeTayo media launch, GCash also signed a memorandum of agreement with the Philippine National Police Anti-Cybercrime Group (PNP-ACG). Said agreement strengthens collaboration in going after perpetrators involved in phishing, smishing, online fraud, e-scams, vishing, and other cybercrimes that take advantage of GCash users.
"I would like to express my confidence that through our stronger partnership with the PNP-ACG, we will be able to achieve more in the prevention, investigation, and prosecution of cybercrimes. GCash also assures the PNP-ACG that we will do whatever we can to implement our agreement successfully," said GCash Chief Legal Officer Atty. Maricor Alvarez-Adriano.
Through its intensified security campaign under #GSafeTayo, GCash has constantly reminded its users never to share their MPIN or OTP and never click links outside of the GCash app, especially from websites or senders that they have not verified to be legitimate.
GCash has already removed all clickable links in its official SMS and emails to users to help them determine that when they receive messages with links, then these are scams.
The e-wallet has also migrated transaction notification messages to the in-app inbox and masked the names of sending money recipients further to protect the users' funds and personal data.
Through its revitalized security campaign, GCash aims to mitigate scam incidents by employing a combination of user education, increased cooperation with law enforcement agencies, and continuously upgrading its internal security platform.
