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November 28, 2023

SEC and GCash collaborate to fight online fraud

The Securities and Exchange Commission (SEC) and GCash have formalized an agreement to combat online fraud, investment scams, and cybercrimes. Under this memorandum of agreement (MOA), GCash will actively cooperate with the SEC by providing essential information and data within the framework of existing laws and regulations. The rise in online scams and fraudulent activities, particularly involving e-wallets, has prompted this collaboration.

As part of the agreement, GCash aims to support the SEC’s efforts in investigating financial fraud crimes, reflecting the increasing prevalence of online scams and investment fraud in the Philippines, where digital financial transactions have become commonplace. The SEC’s Enforcement and Investor Protection Department (EIPD) has highlighted the frequent use of online money transfer services, such as e-wallets, by victims of cybercrimes.

SEC Chairperson Emilio Benito Aquino emphasized the importance of fintech companies like GCash in expanding financial inclusion and enhancing access to the capital market for Filipinos. The MOA facilitates efficient cooperation between the EIPD and GCash, enabling the exchange of crucial information to strengthen anti-fraud initiatives.

Bankero and GCash CEO Oscar Reyes Jr. affirmed the company’s commitment to safeguarding user funds and data. He highlighted the priority of user security and underscored GCash’s partnership with the government to counter scams, fraud, and cyberthreats, fostering confidence in digital transactions.

With the largest user base among e-wallets in the Philippines, GCash has established close collaborations with law enforcement authorities like the Philippine National Police Anti-Cybercrime Group (PNP-ACG) and the National Bureau of Investigation (NBI) to enhance security measures. Additionally, GCash has invested in trust technology to create a secure digital ecosystem and has prioritized user education on protecting their accounts.