Nearly 1M suspected GCash fraudsters barred in Q1

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GCash has barred over 900,000 users suspected of fraud from January to March this year through its joint efforts with authorities, as it ramps up security and fraud management to better protect customers.

GCash, a wholly-owned subsidiary of Globe Fintech Innovations Inc. (Mynt), said it is working with the National Bureau of Investigation (NBI) and the Philippine National Police (PNP) in its crackdown against fraudsters to fight online scam.

“It is crucial that we work together to protect the platform against fraud. As we continue to bolster our security system, we are also counting on the support of our customers and ask that they be vigilant against online scam,” said Martha Sazon, GCash president and chief executive officer.

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GCash also encourages users to report fraud through chat with Gigi, the newest beta chatbot. Reported fake pages are taken down within 24 hours.

To make sure cybercriminals are monitored, caught and apprehended, GCash said it works closely with the NBI-Cybercrime Division and PNP Anti-Cybercrime Group in preventing scams and other illegal activities and apprehending any guilty parties. GCash added it also ensures strict compliance with the guidance of the Bangko Sentral ng Pilipinas and the Anti-Money Laundering Council to ensure the safety and security of customers.

Meanwhile, GCash said it sees a rise in democratized fintech access, lending and super apps.

Winsley Bangit, Mynt chief customer officer, noted the trends in the region including the democratizing access to financial services via fintech, especially in developing countries like the Philippines, the rise of super apps and the lending growth.

“A lot of fintech will move into providing access to the unbanked and underserved. That’s where access is going to be more important, both in providing democratized affordable solutions and delighting customers,” he said in a statement.

Bangit added fintech is now a tool for greater financial inclusion. Access to financial services may be currently unevenly distributed, but fintech can serve as an equalizer and a key to bringing the whole region into a very different space in the near future.

Countries like the Philippines, which suffer from very low bank penetration, have the opportunity to leapfrog through democratized access, Mynt said.

GCash, for instance, was able to provide financial access and an inclusive digital lifestyle to more than 50 million Filipinos, or 70 percent of the adult population, many of whom are unbanked.

GCash is also becoming a trend as people shift online for their essentials, Bangit said.

Pure-play fintech and regional app players have evolved and expanded to become fintech-led super apps that can provide multiple services from e-commerce and financial transactions to online communications, he added.

Another trend in financial services that Bangit believes will lead growth in the region is consumer and business lending.

“That’s a very big space. We see it being adopted not just by local players but also by players moving into the region,” he said.

GCash has over 4.5 million partner merchants and social sellers as well as over 170,000 partner agents. It has more than 55 million users.

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