September 12, 2019 – GCash recently launched its Customer Protect Program which will provide compensation to customers who have their accounts compromised because of fraud.
In a media briefing, a user can report cases of irregular transactions on their Gcash app to the company’s customer care channels. Users can report the questionable transaction within 15 days.
A verified user can get up to Php 100,000 in claims. Semi-verified users can get up to Php 10,000 while basic users can claim up to Php 2,000, says a report from GMA News Online.
GCash Risk Manager Peach Orbe said this program is not something required by Philippine laws for them to do. However, seeing that one of their parent companies – Ant Financial – is doing the same in China, they decided to do it here. After all, Ms. Orbe said GCash is confident that they can manage the risk and “be able to compensate for cases of unauthorized transactions.”
Mynt – a partnership between Globe, Ayala Corporation, and Ant Financial operates GCash, an e-wallet app where users can pay bills, save money, buy mobile, among other things online.
In a press conference last year, Ant Financial, formerly Alipay, planned to launch a blockchain-based remittance service between Hong Kong and the Philippines. Then-Alibaba head Jack Ma said it was one of his priority projects and hopes to bring it into more countries. Mr. Ma confirms via a live remittance demonstration that the transaction was completed within 3 seconds.
During the media briefing, GCash believes this initiative will elevate the current fintech environment in the Philippines, “where fintech companies are battling it out for the most convenient products. However, it is high time for everyone to start talking about security. If you are able to provide this platform you should be able to back it up and protect users as well,” said GCash Risk Policy Lead Louie Miguel Santos.
GCash regularly reminds its users to stay safe and alert by securing their accounts and transacting only with trusted merchants. It also reminded users never to share their GCash MPIN and OTP.
This article is published on BitPinas: GCash will cover up to Php 100K in Fraud Cases