GCash on Wednesday warned users against selling or lending their accounts, saying they would face the full force of the law.
It said these accounts may be used by scammers to receive stolen or illicit money and obscure the source of funds while keeping the criminals’ identity secret. It said some money mules were aware that what they’re doing is illegal, while others are more unwitting.
GCash said it had received reports from authorities that fraudsters were operating in impoverished or rural areas and offering individuals P150 to P500 if they registered in GCash using their phones and their identities. The SIM cards and the GCash accounts are then turned over to the buyer, who then sells them to other scammers.
“According to authorities, persons whose identity were used in scams also face jail time if it’s proven that these individuals voluntarily sold their accounts,” said GCash chief risk officer Ingrid Beroña.
“That’s why we strongly urge our customers to never sell their GCash accounts to avoid identity theft and get their name linked to fraudulent activities without their knowledge,” she said.
GCash said it was working closely with the Philippine National Police Anti-Cybercrime Group to clamp down on the fraudulent practice.
It said it was also in close coordination with other authorities like the Criminal Investigation and Detection Group, the National Bureau of Investigation Cybercrime Division, the Securities and Exchange Commission and the Cybercrime Investigation and Coordinating Center.