E-wallets

GCash Partners Philippines’ Cybercrime Agency to Combat Financial Fraud

In an effort to tackle the increasing instances of financial fraud in the country, the e-wallet GCash has joined forces with the Cybercrime Investigation and Coordinating Center (CICC), a move designed to enhance real-time protection against cybercrime for the public.

This collaboration, as explained by Ivan John E. Uy, the Secretary of the Department of Information and Communications Technology (DICT), aims to establish a swift incident response system. The CICC is an entity attached to the DICT, highlighting the government’s focus on combating cybercrime by partnering with GCash.

Secretary Uy provided insight into the initiative, stating that it includes the creation of a hotline for reporting potential frauds, such as phishing or scamming activities, at an early stage. This approach allows for immediate alert to financial institutions about new scamming techniques, potentially reducing the risk of financial losses for consumers.

Ivan John Uy

“We are taking a preemptive action today so that a certain modus is identified — whether phishing or scamming — and immediately reported to our hotline. Our analysts, investigators will now be able to alert the financial institution that there is a new mode of scam,”

Secretary Uy said during a media briefing.

Additionally, GCash had previously announced a partnership with the National Bureau of Investigation (NBI) in January, focusing on data sharing to better understand and combat online financial fraud. This cooperation is intended to help identify and trace accounts that may utilise GCash wallets for illicit purposes.

In a further effort to ensure the integrity of its platform, GCash reported the closure of over four million accounts in 2023, which were associated with fraudulent activities and other harmful conduct. This action reflects a commitment to creating a safer online financial environment.

Featured image credit: Edited from Freepik