GCash Took Down Over 4 Million Accounts Linked to Fraudulent Activities
by Fintech News Philippines September 7, 2023Philippines e-wallet GCash has removed more than 4 million accounts linked to fraudulent activities in 18 months, according to a report by Philstar.com.
The company said it is taking steps to protect its users from fraud, including blocking malicious sites and raising its cybersecurity walls.
Oscar Reyes
The report quoted Reyes saying,
“When it comes to outside of the app, there really are a lot of bad actors in the market who try to take advantage of consumers. They do a lot of social engineering. They do a lot of stalking [and] phishing to get personal information from you.”
G-Xchange’s President and CEO Oscar Reyes said that GCash’s parent company Globe Telecom is also calling on legislators to pass a bill that would penalise money mules, or those who facilitate financial fraud.
The company urged users to think twice before taking part in fraudulent activities.
““These are things that should be made a criminal offense in the country because you are making yourself an accessory, aiding in the commitment of a crime. That sort of thing, I think, should be stopped through a law that we are also pushing congress to enact.”
