E-wallet firm warns vs electronic payment scams

Electronic wallet platform GCash has issued a public advisory warning users against fraudulent and illegal payment accounts, specifically those linked to online gambling and other illicit activities.

The financial technology company reiterated its Zero Tolerance policy on illegal activities, emphasizing that it has no association with gambling operators.

Oscar Enrico A. Reyes Jr., president and CEO of G-Xchange Inc., stated that any group or website claiming to represent GCash in such activities is either misrepresenting the brand or illegally using its platform.

"Illegal online gambling undermines financial integrity and public welfare. GCash has no links to illegal gambling operators. Anyone connecting our brand to these sites is either misrepresenting us or illegally using our platform," Reyes said.

He added that the company is working with regulators and law enforcement agencies to shut down illicit activities and safeguard its users.

GCash advised customers to be cautious of warning signs, including QR codes sent via random links or social media, offers that seem "too good to be true," codes without an official merchant name or logo, and transactions showing a personal name instead of a verified merchant.

To protect themselves, users are urged to scan QR codes only from trusted merchants and billers and to verify payment details before confirming transactions. Suspicious activity can be reported through the in-app GCash Help Center, hotline 2882, or the Bangko Sentral ng Pilipinas (BSP) Consumer Protection channels. Reports can also be filed directly with the Philippine National Police Anti-Cybercrime Group.

As part of its enforcement measures, GCash immediately blocks and suspends accounts linked to illegal transactions, prohibits the misuse of QR codes, and works closely with the BSP, the Anti-Money Laundering Council (AMLC), and law enforcement.

Since 2023, the company has taken down more than 57,000 phishing sites and reported 916 illegal online gambling sites to authorities.

"GCash is committed to ensuring that Filipinos can transact with confidence and peace of mind. We will continue to strengthen our security systems and work closely with regulators and law enforcement to keep our platform safe," the company said in a statement.