FINANCE super app GCash partnered with the Securities and Exchange Commission (SEC) on Thursday to help boost enforcement against online fraud, e-scams, and other cybercrimes.
Under the signed memorandum of agreement (MoA), GCash will help and cooperate with the SEC in investigating financial fraud crimes by giving information in accordance with prevailing laws, rules, and regulations.
“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,” G-Xchange, Inc. Chief Executive Officer Oscar A. Reyes, Jr. said during the MoA signing event in Makati City on Thursday.
“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 the mobile wallet operator of GCash.
Meanwhile, the SEC and its Enforcement and Investor Protection Department (EIPD) noted that victims of cybercrimes normally use electronic wallets for their transactions.
The corporate regulator added that the country has seen a rise in online scams, investment fraud, and various cybercrimes in recent years amid increasing digitalization 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 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,” he added.
Previously, GCash coordinated and partnered with law enforcement agencies such as the Philippine National Police Anti-Cybercrime Group and the National Bureau of Investigation in upholding the e-wallet’s security mandate. — Revin Mikhael D. Ochave