SEC and GCash sign agreement to combat scams and fraud
The Security and Exchange Commission (SEC) and the Philippines’ leading finance super app GCash have signed a memorandum of agreement (MOA) to join forces in going after perpetrators involved in online fraud, e-scams, and other cybercrimes.
Under the agreement, GCash 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.
As more and more Filipinos embrace the digital space for their daily transactions and investments, the country has witnessed a concerning rise in online scams, investment fraud, and various cybercrimes in recent years. The Securities and Exchange Commission (SEC) and the Enforcement and Investor Protection Department (EIPD) noted that victims of these cybercrimes typically use online money transfer services, such as e-wallets, for their transactions.
“As the country’s investor champion, we must think of ways for fintech 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. 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,” SEC chairperson and CEO Emilio Benito Aquino said.
The agreement further solidifies GCash’s 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. 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,” G-Xchange Inc. chief executive officer Ren-Ren Reyes said.
As the e-wallet with the largest user base in the country, GCash is serious in upholding its trust and security mandate by building close coordination and partnerships with law enforcement authorities, namely the Philippine National Police Anti-Cybercrime Group (PNP-ACG), and the National Bureau of Investigation (NBI). GCash 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.