Leading finance app GCash is set to launch the “double authentication” feature. This new security feature aims to prevent unauthorized transactions brought about by phishing and other types of scams. The feature ensures that only the account owner has the ability to link his GCash account to a specific device. According to Winsley Bangit, Chief Customer Officer of GCash, the new feature will provide a unique identifier that can’t be phished by scammers. It will also provide an additional layer of security to the current SMS OTP.
As GCash continues to beef up its security measures, it has also been ramping up its partnership with authorities and regulators to help ensure the whole e-wallet ecosystem is safe for all. Held recently during the #GSafeTayo media launch, GCash signed a memorandum of agreement with the Philippine National Police Anti-Cybercrime Group (PNP-ACG). The agreement strengthens collaboration in going after perpetrators involved in phishing, smishing, online fraud, e-scams, vishing, and other cybercrimes that take advantage of GCash users.
“I would like to express my confidence that through our stronger partnership with the PNP-ACG, we will be able to achieve more in the prevention, investigation, and prosecution of cybercrimes. GCash also assures the PNP-ACG that we will do whatever we can in order to successfully implement our agreement,” said GCash Chief Legal Officer Atty. Maricor Alvarez-Adriano.
GCash never ceases to remind its users to never share their MPIN or OTP, as well as to never click links outside of the GCash app, especially from websites or senders which you have not verified to be legitimate. Part of its intensified security campaign #GSafeTayo, GCash has already removed all clickable links in its official SMS and emails to users to help them determine that when they receive messages with links, then these are scams. In addition, the e-wallet has also migrated transaction notification messages to the in-app inbox and masked the names of send money recipients to further protect the users’ funds and personal data.
Also during the above-mentioned event, GCash has introduced a new product under its GInsure platform, "Online Shopping Protect". For just P34 per month, GCash users get up to Php20,000 in insurance coverage for incomplete deliveries, defective items, accidentally-damaged, or stolen products. This offering will launch soon on GInsure powered by global insurance company, Chubb.