SEC, GCash ink accord to combat scams, fraud

Mobile wallet GCash and the Security and Exchange Commission (SEC) on Thursday signed a memorandum of agreement (MOA) to combat perpetrators of online fraud, e-scams, and other cybercrimes.

In a news release, GCash said it will assist and cooperate with the SEC in investigating financial fraud crimes by providing relevant information and data in accordance with prevailing laws, rules, and regulations.

For its part, the SEC’s Enforcement and Investor Protection Department (EIPD) said that victims of these cybercrimes typically use online money transfer services, such as e-wallets, for their transactions.

“The MOA entered into today allows efficient cooperation between EIPD and GCash. Through this MOA, the EIPD can request vital information from GCash to build better cases in its fight against fraud,” said SEC chairperson Emilio Aquino.

GCash said its accord with SEC further solidifies its commitment to secure its customers’ funds and data.

“By continuously working with the government in combating scams, fraud, and other cybercrimes, we want our users to have peace of mind and confidence to transact in the digital space," said G-Xchange Inc. chief executive officer Ren-Ren Reyes.

After all, at GCash, the security of our users is our utmost priority. Together with the SEC, we will continue to improve and innovate in order to protect our customers against cyber threats and other types of scams,” he added.

G-Xchange is a wholly owned subsidiary of Globe Telecom through Globe Fintech Innovation that operates GCash.

GCash added it is in close coordination and partnerships with law enforcement authorities, such as the Philippine National Police Anti-Cybercrime Group (PNP-ACG), and the National Bureau of Investigation (NBI).

The mobile wallet added that it has also been leveraging the latest innovation in trust technology to build the safest digital ecosystem for its users while doubling down on empowering customers to protect their accounts through education.—LDF, GMA Integrated News