Group urges stronger fintech protocols after GCash error

Protecta Pilipinas, a multi-sectoral alliance, has called on the financial technology (fintech) industry to bolster its cybersecurity protocols to safeguard consumers and businesses from increasingly sophisticated financial scams.  

The group, which includes the Cybercrime Investigation and Coordinating Council and the Philippine Chamber of Telecommunication Operators, said proactive measures must be implemented to fight cyberthreats, especially following recent reports on a “system error” affecting some GCash users.

“We advocate for the prioritization of robust security protocols, such as multi-factor authentication, end-to-end encryption, and real-time fraud detection systems,” Protecta Pilipinas Convenor Roy Ibay said. 

Ibay noted that advanced technologies like artificial intelligence and machine learning can be powerful tools in detecting and mitigating cyber threats. 

However, he cautioned that these same technologies are also increasingly being exploited by cybercriminals, underscoring the need for constant vigilance.  

“We believe that building consumer trust requires transparency and education. 

Fintech firms should regularly update users on emerging threats and best practices for online security, while offering resources to help individuals, especially the vulnerable, avoid scams and contribute to a safer financial ecosystem,” Ibay added. 

He also reiterated the need for consistent compliance with regulatory standards and regular security audits to maintain high levels of protection and adherence to industry regulations.  

Over the weekend, some GCash users reported unauthorized fund transfers, prompting the platform to announce on Sunday that it had already resolved the issue. 

However, the government is now “investigating the probability of an organized breach of certain GCash accounts that caused the unauthorized fund transfers over the weekend.”  

Protecta Pilipinas envisions a collaborative approach to cybersecurity, advocating partnerships among fintech companies, regulators, cybersecurity experts, and consumers to stay ahead of cybercriminals’ tactics.