Boosting consumer trust through enhanced business cybersecurity

With the internet infrastructures improving and digital transactions becoming more prevalent in the Philippines, Filipinos have become more connected in cyberspace and the digital economy grows even bigger, which boosts the country’s economic growth in many ways. But with the rise of cyber connectivity and digitalization, cyber threats have also been more ubiquitous - which hugely impedes financial inclusion in the country.

In the international scene, there has been an 80% increase in suspected digital fraud attempts in the past four years, $10.3 billion was lost to online fraud, 4.6% potentially fraudulent digital transactions last year, and 800,000 cyber-attacks occur each year. Even tech giants have been challenged, like Google and Facebook which have lost $100 million from 2013 to 2015 due to fake invoice scams. 

Financial organizations in the Philippines, including GCash, have been strategizing on combating fraud and cybercrimes that hinder the financial inclusion the industry aims. 

Getting ahead of cyber-attackers

Striving against global cyber threats, GCash has been undertaking constant efforts on building strong cybersecurity. As a digital wallet with over six million users, GCash commits to prioritize consumer trust and protection by strengthening its cybersecurity. 

At the 2023 ICT Summit on Cybersecurity at Shangri-La the Fort, held last August 22, 2023, GCash and Management Association of the Philippines (MAP) gathered experts to tackle the threats in the Philippine cyber landscape and strategies to get ahead of the cyber attackers. In her keynote message, GCash President and CEO Martha Sazon emphasized the importance of bolstering cybersecurity in furthering consumer protection towards financial inclusion. 

GCash President and CEO Martha Sazon during her keynote speech titled “Building Consumer Trust by Championing Cyber Security” at the 2023 ICT Summit on Cybersecurity in Shangri-La the Fort. (Photo from We Are GCash Facebook page) 

“Companies need to learn how to be as creative and innovative as they are with their strategies and solutions. We can’t just fend them (scammers) off when they are there. We need to be one step ahead of the bad guys to protect our users.” Sazon said. 

Martha shared as well that there are four pillars engraved in the fabric of GCash operations to protect consumers: Building a safe and secure platform, industry partnerships, customer education, and AI, data, and analytics. These have been the foundation of their ever-evolving solutions to get ahead of the cyber-offenders.

Recognizing the role of collaboration 

In taking the necessary actions to reinforce cybersecurity, acknowledging that the threat exists is the first step. The next procedure is the crucial part of the resistance - efficient implementations. 

GCash has recently launched its DoubleSafe Security feature to double safeguard customers against unauthorized transactions along with the Mobile Personal Identification Number (MPIN) and One-Time Pin (OTP) measures. This assures that only the owner can gain access to their GCash account. The recent Online Shopping Protect feature of GCash also provides consumer protection coverage of up to Php 10,000 for electronics and up to Php 20,000 for other items purchased online which ensures an overall safe and convenient digital shopping experience. 

Recognizing organizations with the same endeavour enables GCash to give what they can provide and join the nationwide force in fighting against digital threats. GCash proactively collaborates with government agencies and other organizations towards financial inclusion and consumer protection. 

“We recognized that we are not alone in this journey towards both financial inclusion and consumer protection. We work with our regulators such as the Bangko Sentral ng Pilipinas (BSP), whose team even visited the GCash office to share its national strategy for inclusion which highlighted consumer protection.” Sazon shared. 

With the help of artificial intelligence (AI), data, and analytics, GCash was able to prevent scams from happening and minimize bad actors, which promises a safer digital ecosystem. Just as important, Martha emphasized that “one of the best security measures is the capability of our users to protect themselves and this begins with consumer education.” 

GCash has been boosting GSafeTayo campaign, uniting users towards True Account Security through a series of content materials that provide advice like activation of DoubleSafe Face ID, educational materials about MPIN and OTP, and alerts on phishing scam modus. 

In general, collaboration plays a very important role in the war against cybercrimes. “At the end of the day, trust and security is a shared responsibility of everyone, not just service providers, and even our customers.” Sazon explained.

Helen Macasaet, Chair of the MAP ICT Committee, Atty. Benedicta Du Baladad, MAP President, Pebbles Sy, GCash’s Chief Technology & Operations Officer, Chok Chiat Ho, Head of Sales Engineering (SEA) of CrowdStrike, Jan Sysmans, Mobile Cyber Defense Evangelist of Appdome, and Martha Sazon, GCash President and CEO pose for a photo op during the 2023 ICT Summit on Cybersecurity at Shangri-La the Fort.  (Photo from We Are GCash Facebook page)

Through dynamic collaboration, GCash has successfully barred four million fraudulent accounts, and shut down 800 phishing sites and 45,000 malicious posts on social media. 

With the attacks getting more sophisticated in this digital era, Martha Sazon points out that GCash will continually evolve as well to stay several steps ahead and guarantee cyber protection in all their services to empower every Filipino user in their financial journey. 

For more information about GCash services, visit https://www.gcash.com/ or follow their Facebook page at https://www.facebook.com/gcashofficial