GCash Supports Gov’t move to Penalize ‘loan and sale’ of e-Wallet Accounts

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Mobile e-wallet GCash has recently expressed that it is ready to support the proposed legislation that will criminalize the loan and sale of mobile wallet accounts. The initiative aims to extend its security measures further and to prevent scams and frauds.

In a statement, the firm noted that this is regarding the recent incident regarding the attempt to extort money from Senate President Juan Miguel Zubiri. The authorities were able to trace and apprehend suspects for this crime where they seized marked money, identification cards, mobile phones, and the SIM card the fraudsters allegedly used in communicating with Zubiri. 

“Given the increasing incidents of online fraud, GCash is ready to support measures to penalize the lending and selling of e-wallet accounts including calls to criminalize the activity in order to prevent scammers from using this modus,” Ingrid Rose Ann Beroña, GCash chief risk officer, stated.

To start a scheme, scammers use e-wallet accounts not registered under their names, using SIM cards from people who sell or lend their identities in the black market.

Further, GCash is boosting its campaign against fraudsters through information drives with its users to help combat the use of e-wallets in cybercrimes by renewing its call for users to #GCheckMuna to avoid being victimized by scammers. The campaign aims to teach its users to spot fake websites, emails, texts, or calls; be aware of various types of scams; avoid account takeover or phishing, and stay away from fake online sellers.

Moreover, the mobile e-wallet noted that they are also implementing other security measures including “real-time risk monitoring,” barring and blacklisting fraudulent transactions and accounts, and partnering with the Philippine National Police (PNP) – Anti-Cybercrime Group for the apprehension of fraudsters.

To report scams and fraudulent activities, visit the official GCash Help Center at https://help.gcash.com/hc/en-us or message Gigi on the website and type, “I want to report a scam.”

Last week, GCash President and CEO Martha Sazon announced that the e-wallet has 66 million registered users as of the second quarter of 2022— a six-million gain from its first quarter report of 60 million registered users. (Read more: E-Wallet GCash Records 66 Million Users)

This article is published on BitPinas: GCash Supports Gov’t move to Penalize ‘loan and sale’ of e-Wallet Accounts

Disclaimer: BitPinas articles and its external content are not financial advice. The team serves to deliver independent, unbiased news to provide information for Philippine-crypto and beyond.

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