Starting this month, GCash is migrating its transaction confirmation messages from text messages to the app inbox to ensure they are legit, the mobile wallet announced Tuesday, September 6.
The move boosts security in the midst of rampant fraud and scams, aside from enabling users to have easier access to their transaction history.
The e-wallet has been sending out text advisories about the migration to customers.
This September, the shift to the app inbox begins with the transaction confirmation messages of the “Pay Bills” feature.
It will be followed by messages for the “Send Money” and “Buy Load” services.
The three features will instantly be accessible in the GCash app inbox and will also be shown on the “Activity” button, which has the transaction history.
“GCash has been relentless in protecting the funds and personal data of our customers," says Chief Risk Officer Ingrid Rose Ann Beroña.
“Aside from improving security, we hope this move makes the experience of GCash users more seamless and convenient,” she added.
On top of migrating the transaction confirmation messages to the app inbox, GCash employs state-of-the-art and real-time risk monitoring to capture suspicious activities.
Already, the e-wallet has barred and blacklisted fraudulent transactions in users' accounts.
To catch fraudsters, GCash also partnered with the Philippine National Police–Anti-Cybercrime Group, the National Bureau of Investigation Cybercrime Division (NBI-CCD) and the Cybercrime Investigation and Coordinating Center (CICC) of the Department of Information and Communications Technology (DICT).
For added protection, GCash now builds an insurance portfolio, including an Online Shopping Insurance, to guard against scams.
Todate, GCash (G-Xchange, Inc.) has 66 Million registered users in its GCash App.
Users can purchase prepaid airtime; pay bills at over 1,600 partner billers nationwide; send and receive money anywhere in the Philippines, even to other bank accounts; purchase from over 5.2M partner merchants and social sellers; and get access to savings, credit, loans, insurance and invest money, from their smartphones.
GCash is a wholly-owned subsidiary of Mynt (Globe Fintech Innovations, Inc.), the country's first and only duacorn.