GCash warns against fake QR codes

GCash, operated by G-Xchange Inc., has warned against scammers using increasingly adaptive tactics such as fraudulent quick response (QR) codes, along with impersonation, fake seller activity, and deceptive payment pages.

According to GCash, fraud risks are becoming more distributed across the ecosystem, and scam typologies are evolving to expand outside a single platform.

It noted that scammers are using QR payment methods — originally designed for face-to-face transactions — by sending out fraudulent codes.

“Scammers are exploiting trust, urgency, impersonation, and social engineering tactics — not just technology,” GCash chief information security officer Miguel Geronilla said in a statement.

“In order to protect our users we will continue to enact stronger coordination, stricter onboarding controls, and proactive monitoring. We ask merchant onboarding counterparts to ensure stricter verification to avoid QR misuse,” he added.

GCash said it will continue to work with regulators such as the Bangko Sentral ng Pilipinas (BSP), the Anti-Money Laundering Council (AMLC), and the Philippine National Police (PNP), among others, to combat suspicious digital transactions and financial cybercrime.

“The digital payments ecosystem can only remain trusted if all participants uphold strong compliance, monitoring, and consumer protection standards,” Geronilla said.

“Bad actors seeking to exploit gaps in digital payment environments must be addressed swiftly through strong coordination, proactive monitoring, and effective safeguards across the ecosystem,” he added.

G-Xchange is a wholly-owned subsidiary of Mynt (Globe Fintech Innovations Inc.), which is in turn a partnership between Globe Telecom Inc., the Ayala Corp., and Ant Financial.

Mynt has been widely anticipated to hold its initial public offering (IPO), and is one of the two expected by the Philippine Stock Exchange (PSE) to do so this year.

“Mynt and its shareholders remain open to various capital solutions, including an IPO. However, no official decision has been made regarding the timing,” Globe chief financial officer and treasurer Juan Carlo Puno said in a virtual briefing on Wednesday.

“In the meantime, the focus really of Mynt is its commitment to growing its business amidst the ever-evolving macro and regulatory conditions,” he added. —Jon Viktor Cabuenas/RF, GMA News