As cyber threats and scams become even more rampant amid digitalization, the Philippines’ leading finance super app and largest ecosystem, GCash, emphasized the critical role of online literacy in society.
GCash lent its voice as the trusted financial partner of Filipinos at the recent 2024 Social Good Summit, which focused on the fight against disinformation and the misuse of artificial intelligence (AI) during the election season.
During the “Protecting Information Integrity and Truth Tellers Amid Elections” breakout session, GCash chief risk officer Ingrid Beroña highlighted the company’s dedication to consumer protection, outlining the platform’s multi-faceted approach, which includes strengthening security measures, empowering customers through education and forging strategic partnerships.
Financial health and wellness
“Our vision has always been ‘Finance For All’, because we believe that financial inclusion means financial freedom. But it’s not just about this anymore — we’re progressing into financial health and wellness, making sure our service helps Filipinos thrive every day and ensuring they can rely on our products,” Beroña said.
This reliance on digital financial platforms requires robust security measures, especially with the significant rise in online fraud.
According to TransUnion, suspected digital fraud attempts increased by 80 percent globally from 2019 to 2022. The Federal Bureau of Investigation said losses from online fraud amounted to a staggering $10.3 billion in 2022, an increase of 49 percent year-on-year.
In the Philippines, prevalent scams include non-delivery of goods by fake sellers, online investment schemes, “love scams,” and social media account hacking. Beroña pointed out that the common denominator between these scams is preying on emotional vulnerability.
To combat such threats, GCash is continuing to implement stringent security measures. These include DoubleSafe, which integrates One-Time Pins and mandatory login passcodes, now with facial recognition as an additional barrier.
GCash Account Secure
GCash is also strengthening its defenses through GCash Account Secure, which limits system access to one device per account. It is partnering with government organizations like the National Bureau of Investigation and Securities and Exchange Commission to bolster cybersecurity efforts.
On a consumer level, GCash’s GSafe Tayo campaigns educate users about online safety, reminding them of common scams and the risks of sharing valuable personal information, including one’s date of birth or address.
Ultimately, Beroña cited consumers themselves as the key to digital risk aversion, stating, “You are our most valuable asset and our strongest line of defense.”
