The Philippine Star
October 2, 2022 | 12:00am
MANILA, Philippines — In line with efforts to combat scammers and fraudsters, leading Philippine financial app GCash further intensifies its security measures. It is migrating transaction confirmation messages to the app inbox and removes clickable links in all emails and text messages to users.
GCash is removing clickable links in official emails and text messages sent to customers followed by an aggressive information campaign that users will no longer receive messages from GCash that contain website links.
These come on the heels of the National Telecommunications Commission’s (NTC) order to block links in text messages which is seen as a significant deterrent against scammers. The Bangko Sentral ng Pilipinas (BSP), for its part, also called on its regulated financial institutions to undertake several steps in cracking down on cyber fraud and other attacks to financial services.
“These changes are in line with our own #SafeWithGCash campaign that aims to ramp up investments, partnerships, as well as educational and awareness programs on keeping our services safe and secure for our 69 million users,” said Martha Sazon, President and Chief Executive Officer of GCash. “The safety of our users is our utmost priority and we continue to invest and implement world-class security measures to protect customer data”.
The confirmation SMS for the ‘Send Money’ service will be moved from text message inbox to users’ app inbox. It will be followed by ‘Buy Load’ and ‘Bank Transfer’ by October 12. These messages will also be available in the ‘Transactions’ button on the app. Customers have been informed of these changes through official text messages and in-app reminders.
“Migrating the transaction confirmation messages will help ensure users are getting only legitimate messages regarding their GCash transactions,” explained Ingrid Rose Ann Beroña, Chief Risk Officer of GCash.
The top Philippine e-wallet has been adamant in ensuring the protection of personal data and accounts of its customers by employing various security measures including cyber threat detection and analytics, vulnerability scanning, as well as incident response and forensics.
Just recently, GCash has also swiftly rolled out a feature update that anonymizes the names of recipients in the send money service to provide an added layer of customer protection. In the past, the name of the person is seen as an added measure of convenience and helps verify that the recipient is correct.
These initiatives are also in line with efforts of the Globe Group to combat scammers. Globe has announced that it will be blocking text messages with links, which is the common platform that scammers use.
Likewise, Globe has spent $20 million or about P1.1 billion to boost its capabilities in detecting and blocking scam and spam messages. Through aggressive 24/7 efforts, Globe has blocked 610 domains or URLs, 784 million scam and spam messages from January to July this year, deactivated 14,058 scam-linked SIMs as well blacklisted 8,973 others.
Amid all these efforts, GCash, with strong support from Globe, assures the public that it will remain a leading figure in the fight against ever-evolving threats that target the data and hard-earned money of its customers.
GCash (G-Xchange, Inc.) is the #1 Finance App in the Philippines. Through the GCash App, 69M registered users can easily purchase prepaid airtime; pay bills at over 1,600 partner billers nationwide; send and receive money anywhere in the Philippines, even to other bank accounts; purchase from over 5.2M partner merchants and social sellers; and get access to savings, credit, loans, insurance and invest money, and so much more, all at the convenience of their smartphones. GCash is a wholly-owned subsidiary of Mynt (Globe Fintech Innovations, Inc.), the first and only duacorn in the Philippines.
GCash was recognized by The Asian Banker (TAB) and by the IDC in 2021 for its outstanding digital financial inclusion programs.
For more information, please contact: Winsley Royce Bangit Chief Customer Officer GCash