#FinancePH Setting the record straight: 3 things you might not know about e-Wallets
E-wallets are not just a pandemic fad. They are the new consumer’s ultimate tool revolutionizing the way they pay. A report A report from Nomura Research Institute revealed that even e-wallet users who have experienced hiccups within the platform still have high trust in its systems.
But with all the rumors and talks about being scammed, many are still hesitant about entrusting their hard-earned money to digital platforms. Here are three things people always get wrong about e-wallets, and what the truths are behind them.
"My money isn't safe because anybody can just take it!"
Having a physical wallet sometimes feels safer because you can see and feel your money - until you lose it or someone takes it from you. With e-wallets, on the other hand, the convenience of having any amount of money with you at all times is doubled up by security features. If you happen to lose your phone or even your entire bag, you can just lock your account and your money stays safe and secure.
GCash has a DoubleSafe security feature that safeguards against unauthorized transactions. It enables the app to not just simply require users to enter an OTP upon logging in to a new device, but also asks users to take a Selfie Scan to help ensure that only the owners have access to their GCash account.
“E-wallet isn’t regulated unlike banks – they are more prone to thefts and scammers."
The growth of e-wallets has made them the primary target of cybercriminals. However, like banks, GCash is duly registered with and licensed by the Bangko Sentral ng Pilipinas. This means it has undergone a rigorous qualification process and adheres to strict standards to keep funds safe.
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| Gilda C. Maquilan, VP Corporate Communications and Public Affairs, GCash, with PMGen Sidney Hernia, PNP ACG and the public affairs and legal teams of GCash |
GCash also works with the Philippine National Police Anti-Cybercrime Group (PNP-ACG) in entrapment efforts against cybercriminals. GCash also strictly adheres to the policies of the Anti-Money Laundering Council to ensure its platform won’t be used by bad actors.
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| Ren-ren Reyes, President and CEO, G-Xchange, Inc., with Atty. Medardo de Lemos, NBI Director |
In addition, GCash’s alliance with NBI allows them to provide data and information that will help investigate and prosecute cybercrimes involving the use of the e-wallet, including any crimes involving the transfer or receipt of proceeds from any crime.
"There will always be a new hacker around the corner."
Through GCash’s cooperation with authorities, 23 cybercriminals have already been arrested. Besides going after the bad guys, e-wallets are also proactive in learning to flag suspicious transactions in real time or avoid them altogether even before they happen.
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| Winsley Bangit, VP and Head of New Business and Public Affairs, GCash, with USec. Alexander Ramos, Executive Director, CICC |
In February, GCash partnered with the Cybercrime Investigation and Coordinating Center (CICC) to create a “rapid incident response” mechanism to help track online fraud even before it happens. Once CICC identifies a certain modus, it will automatically alert GCash that there is a new type of scam, enabling it to take action to prevent future incidents.
GCash and NBI share data that will help understand the pattern of fraud and trace accounts that may potentially use e-wallets for crimes. Ultimately, this aims to strengthen its ability to protect users from scams.
Ultimately, GCash reminds its consumers to actively protect their e-wallets by being vigilant against scams, doing legit checks before Sending Money, never giving their OTP to anyone, and reporting suspicious activities to the official GCash Help Center.
Giving e-wallets a try does not need to be daunting when you start your journey with a safe and trusted digital platform. While no technology is 100% foolproof, e-wallets such as GCash constantly evolve to protect their consumers from threats and cybercriminals.
On top of providing advanced in-app protection, GCash collaborates with the relevant authorities in going after cybercriminals, disrupting fraudulent operations, and turning data into actionable learning experiences. This creates a safe environment where you can manage and make the most out of your hard-earned money with confidence and peace of mind.
Download the GCash App on the Apple App Store, Google Play Store, or Huawei App Gallery. Kaya mo, i-GCash mo!
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