THE Security and Exchange Commission (SEC) and GCash operator G-Xchange Inc. entered into an agreement last Thursday to use their respective resources to go after perpetrators involved in online fraud, e-scams and other cybercrimes.
The agreement noted an increase rise in online scams, investment fraud and various cybercrimes that occurred with regularity during the lockdowns in 2020 as more consumers embraced the digital space for daily transactions and investments.
The SEC’s Enforcement and Investor Protection Department said victims of these cybercrimes typically use online money transfer services, such as e-wallets, for their transactions.
“As the country’s investor champion, we must think of ways for fintech 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. 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,” SEC chairman Emilio B. Aquino said.
Through the agreement, G-Xchange vows to provide the SEC with “relevant” information and data in accordance with prevailing laws, rules and regulations in investigating financial fraud.
“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. 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,” G-Xchange CEO Oscar A. Reyes Jr. said.
To recall, the G-Cash system was compromised nearly six months ago through a suspected phishing scam wherein funds were transferred to various accounts registered with Asia United Bank Corp. and East West Banking Corp.
In the agreement, G-Xchange expressed seriousness in upholding its trust and security mandate by building close coordination and partnerships with law enforcement authorities.