Cybersecurity platforms need to be highly adaptable to be able to respond to the ever-changing fraud landscape, according to mobile wallet GCash.
At the recent Seamless Asia Summit in Singapore, GCash chief risk officer Ingrid Beroña said constant cooperation with law enforcement authorities can help improve knowledge of how cybercriminals operate. The information from these collaborative investigations should then be used to conduct consumer education campaigns to protect users and give them a safer digital experience.
“Fraud is not just a problem of one institution but a problem of all. By liaising with our police officers, we learn from their stats which help us identify business vulnerabilities so that our platforms can adapt,” said Beroña.
Beroña also highlighted the importance of constant monitoring and continuous learning to make sure financial institutions remain ahead of the curve when it comes to protecting users against cybercriminals.
She also emphasized that financially inclusive services such as affordable insurance and investment products must come with peace of mind and secure transactions.
“Fraudsters are becoming more creative so it’s important to constantly keep an eye on new fraud schemes and modus operandi. We need to always be one step ahead by continuously looking out for possible business vulnerabilities so that we know what tools to use to combat these frauds, and to make sure that the platform is a safe environment,” added Beroña.
GCash said it has reached 100 percent roll-out for its world-class security feature, DoubleSafe. The measure uses state-of-the-art face ID technology to ensure that only the owner can access their account on another device.
This means even if the users inadvertently give out their MPIN or OTP, their account cannot be accessed from a new device without scanning the owner’s face.
