GCash, the country’s leading finance super app, said it signed a memorandum of agreement with the National Bureau of Investigation (NBI) to strengthen their collaboration in going after perpetrators of online fraud, scams and other cybercrimes.
Under the partnership, GCash will assist NBI in preventing, detecting, investigating and prosecuting cybercrimes that involve the use of the GCash mobile app or the transfer or receipt of proceeds from any crime or unlawful activity.
This will be done by providing relevant information and data under prevailing laws, rules and regulations. The agreement also further solidifies the priority of GCash to secure the funds and data of its users, it said.
“As more and more Filipinos embrace the digital space for their daily transactions and investments, it’s critical for law enforcement agencies to have an active partner like GCash with whom we exchange technical knowledge and expertise on the latest cybersecurity measures,” NBI director Medardo De Lemos said.
“This partnership is a big milestone in our shared fight against scammers, fraudsters, and other cybercriminals,” he said.
GCash said it is also working actively with the Philippine National Police Anti-Cybercrime Group (PNP-ACG), Anti-Money Laundering Council (AMLC), and other law enforcement agencies to further employ up-to-date security technologies and strengthen security measures through continuous threat and intelligence sharing, and better ensure safer transactions for its customers.
This includes adhering to the strictest anti-money laundering, counter-terrorism financing and anti-fraud standards.
GCash asked its app users to protect themselves when using digital wallets and become more attentive in the face of fraud.
“We’ve seen a concerning rise in online scams, investment fraud, and various cybercrimes in recent years. Now more than ever, it is crucial that we work together with authorities to protect Filipinos against perpetrators,” said G-Xchange Inc. chief executive Oscar Enrico Reyes Jr.