New security feature for GCash up in December

GCASH-operator G-Xchange Inc. announced plans to roll out a new security feature that will combat account takeovers and prevent unauthorized transactions brought about by text and other scams.

In a press launch, G-Xchange Chief Customer Officer Winsley R. Bangit said the platform will introduce a “double authentication” feature that will link a GCash account to a specific device using biometrics.

“This feature removes customers’ dependence on SMS OTPs [one-time passwords], which has been exploited by some fraudsters to scam users. It will provide a unique identifier that can’t be phished by scammers. It also provides an additional layer of security to the current SMS OTP,” Bangit said. “We never stop innovating to make sure our 71 million users have the safest and most convenient experience when they use the app.”

During the same event, G-Xchange also signed a memorandum of agreement with the Philippine National Police Anti-Cybercrime Group (PNP-ACG) to strengthen collaboration in going after perpetrators involved in phishing, smishing, online fraud, e-scams, vishing, and other cybercrimes that take advantage of GCash users.

GCash is being used by fraudsters to steal money from victims through various means including phishing and smishing.

This forced G-Xchange to migrate transaction notification messages to the in-app inbox and masked the names of send money recipients to further protect the users’ funds and personal data.


Leave a Reply

Your email address will not be published.

This site uses Akismet to reduce spam. Learn how your comment data is processed.

Previous Article

Editorial Cartoon November 25, 2022

Next Article

NG eyes ₧135B via sale of treasuries

Related Posts

Read more

BPI branches get green building certification from IFC

THE Bank of the Philippine Islands (BPI) announced it has set a new milestone in the country’s sustainable banking operations as BPI Iloilo Solis and BPI Loyola Katipunan became the first two bank branches to earn Excellence in Design for Greater Efficiencies (EDGE) certification of World Bank Group member International Finance Corporation (IFC).

IDC fetes Maya Bank

Maya Bank Inc. was recently recognized as a country winner at the “Future Enterprise Awards 2022” by International Data Corp. (IDC) for “leveraging its deep customer data and artificial intelligence to bring banking, payments and more in just one money platform —the first-of-its-kind innovation in the Philippines.”