GCash: “GCash is ready to support measures to penalize the lending and selling of e-wallet accounts”
GCASH — The Globe-backed fintech company said that it was prepared to give its support to any proposed legislation that would criminalize the loan and sale of digital wallet accounts.
GCash Chief Risk Officer Ingrid Rose Ann Beroña said that the company is ready to support measures to penalize the lending and selling of digital wallet (e-wallet) accounts — including calls to criminalize the activity to prevent scammers from using the scheme.
The company also said that scammers often used e-wallet accounts that are not registered under their names, adding that fraudsters were able to do this by using or buying SIM cards in the black market that are registered with digital wallets under those who sell or lend their identities.
In addition, the company said that it used electronic Know-Your-Customer (KYC) process as mandated by the Bangko Sentral ng Pilipinas (BSP), which made it easy to identify e-wallet account holders.
Moreover, the company said that it is beefing up its campaign against fraudsters and scammers as it ramped up its call for users to be extra vigilant when making transactions.
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The statement came after authorities were able to trace and arrest suspects who attempted to extort money from Senate President Juan Miguel “Migz” Zubiri.
According to the company, identification cards, marked money, mobile phones, and the SIM card allegedly used in communicating with the Senate President were seized from those fraudsters.
The Senate President earlier said that there are groups of scammers duping politicians and businessmen operating in the Philippines, adding that they insist on receiving money using GCash.