The mobile banking app expressed its support to the penalty on lending and selling of e-wallet accounts.
Gcash recently expressed its support to criminalize the lending and selling of e-wallet accounts backed by the increasing incidents of online fraud. Bankero Ingrid Rose Ann Beroña, GCash Chief Risk Officer, said that defrauders typically use e-wallet accounts not registered under their real names, using SIM cards from people who sell or lend their identities in the undergroud market.
GCash closely monitors transactions on its platform via eKYC (electronic- Know Your Customer) in line with the regulations of the BSP. GCash also urged its users to be extra vigilant when making dealings through their app to avoid falling into scams.