GCash partners with SEC to strengthen fight vs cybercriminals

GCash, the country's leading e-wallet, said it signed an agreement with the Security and Exchange Commission (SEC) to assist in investigating cybercrimes.

Officials from GCash, SEC

GCash, SEC join forces

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

SEC noted that the country has been seeing "a concerning rise" in online scams, investment fraud, and various cybercrimes. The victims, it said usually use online money transfer services, like mobile wallets, for 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.

G-Xchange Inc. chief executive officer Ren-Ren Reyes, on the other hand, vowed the company’s continuous cooperation with the government to stomp out these illegal activities.

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, Reyes said.

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