GCash to back measures penalizing loan, sale of e-wallet accounts

Globe-backed e-wallet GCash said Thursday it was prepared to give its support to any proposed legislation that would criminalize the loan and sale of mobile wallet accounts.

GCash said it issued the statement after authorities were able to trace and apprehend suspects who attempted to extort money from Senate President Juan Miguel Zubiri.

Seized from these fraudsters were marked money, identification cards, mobile phones, and the SIM card allegedly used in communicating with Zubiri, it said.

“Given the increasing incidents of online fraud, GCash is ready to support measures to penalize the lending and selling of e-wallet accounts including calls to criminalize the activity in order to prevent scammers from using this modus,” said Ingrid Rose Ann Beroña, GCash chief risk officer.

GCash said scammers often use e-wallet accounts that are not registered under their names.

Fraudsters are able to do this by using or buying SIM cards in the black market that are registered with e-wallets under people who sell or lend their identities, the e-wallet said.

GCash said it is beefing up its campaign against fraudsters as it ramps up its call for users to be extra vigilant when making transactions.

The mobile wallet provided the following tips to avoid scammers and fraudsters:

• Learn how to spot fake websites, emails, texts, or calls. Check if the email address and the send are the same and it comes from the email domains @gcash.com or @mynt.xyz. Make sure the websites, www.gcash.com or www.help.gcash.com, are spelled correctly and without additional punctuations. It’s also important to NEVER click any link inside emails or texts. Fake emails, messages, or even calls usually instill a sense of urgency among users – pressuring them to take action so that their account won’t be deactivated or that they won a prize that needs to be claimed immediately.
• Be aware of the various types of scams. Stay up to date on fraudsters’ modus operandi on the news or from trusted experts and organizations like GCash. Some scammers resort to swindling or use account takeover to scam people.
• Avoid account takeover or phishing. Scammers often pose as a company representative or a loved one to trick you into giving your One-time Password (OTP). That’s why it’s important to never share your MPIN or OTP. Also, don’t click links outside of the GCash app especially from websites or senders which you have not verified to be legitimate. Likewise, GCash promos and raffles will only be released via official channels.
• Stay away from fake online sellers. Make purchases only from trusted online sellers, or at least research online if the seller is legitimate. Check when the account was created, if the seller transacts with multiple customers, and if they have repeat customers. Also, take the time to read the customer reviews.

To further help ensure customers’ safety and security, GCash said it has put in place various security measures such as real-time risk monitoring to capture various suspicious activities, barring and blacklisting fraudulent transactions and accounts, and partnering with the Philippine National Police Anti-Cybercrime Group to apprehend fraudsters. —VBL, GMA News