The popular financial application GCash has joined forces with the Securities and Exchange Commission (SEC) in an effort to strengthen measures against internet fraud, electronic scams, and other forms of cybercrime.
According to the memorandum of agreement (MoA) that has been signed, GCash will collaborate with the SEC to investigate financial fraud offenses by providing relevant information in compliance with existing laws, rules, and regulations.
“We are committed to collaborating with the government in the fight against scams, fraud, and cybercrimes. Our goal is to ensure that our users feel secure and confident when conducting transactions in the digital realm. At GCash, the safety of our users is our top priority,” stated Oscar A. Reyes, Jr., Chief Executive Officer of G-Xchange, Inc., at the MoA signing ceremony held in Makati City on Thursday.
He expressed his commitment to working with the SEC to enhance and create new measures for safeguarding our clients from cyber attacks and fraudulent activities.
GCash’s mobile wallet operator is G-Xchange.
The SEC and its EIPD have observed that individuals who fall victim to cybercrimes often utilize electronic wallets for their transactions.
The regulatory body also noted an increase in digital scams, investment scams, and cybercrimes over the past few years as more people turn to online platforms for daily transactions and investments.
“As the country’s investor champion, we must think of ways for financial technology companies like GCash to thrive. Financial services offered by GCash will further the cause for financial inclusion and bring the capital market to more Filipinos,” SEC Chairperson Emilio B. Aquino said.
“The memorandum of agreement signed today enables effective collaboration between EIPD and GCash. With this agreement, EIPD can seek important data from GCash to strengthen their efforts in combating fraud,” he stated.
In the past, GCash worked together with law enforcement organizations like the Philippine National Police Anti-Cybercrime Group and the National Bureau of Investigation to ensure the security of the e-wallet.