GCash blocked 900,000 accounts involved in fraudulent activities in the first quarter.
GCASH — On Tuesday, the financial technology (fintech) company said that it has blocked some 900,000 accounts involved in fraudulent activities in the first quarter.
According to GCash, the accounts were blocked in the first 3 months of the year, through joint efforts with the Philippine National Police (PNP) and the National Bureau of Investigation (NBI).
In an emailed statement obtained by GMA News Online, GCash president and chief executive officer Martha Sazon said that it’s crucial that they work together in order to protect the platform against fraud.
Sazon added that they’re also counting on the support of their customers and ask that they be vigilant against online scams as they continue to bolster their security system.
Also, GCash called on its users not to share their one-time passwords or MPIN, only do related activities within the app, exercise caution on who they transact with, and only go to official channels.
Just last month, the Bangko Sentral ng Pilipinas (BSP) called on the public to avail of all security features for online transactions, in line with efforts in order to avoid fraudulent activities and to boost cyber security.
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BSP Governor Benjamin Diokno in March flagged risks on digital transactions, particularly involving NFTs or non-fungible tokens after the USD 600-million theft of digital tokens from a digital ledger used by players of the popular online play-to-earn game Axie Infinity.
The central bank also last year expressed its support for the Financial Accounts Regulation Act, which recognizes the need to protect the public from syndicates and cybercriminals who target bank accounts and digital wallets.
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