As cyber threats and scams become even more rampant amid digitalization, the Philippines’ leading finance super app and largest ecosystem, GCash, emphasized the critical role of online literacy in society. GCash lent its voice as the trusted financial partner of Filipinos at recent 2024 Social Good Summit, which focused on the fight against disinformation and the misuse of artificial intelligence (AI) during the election season.
During the “Protecting Information Integrity and Truth Tellers Amid Elections” breakout session, GCash chief risk officer Ingrid Beroña highlighted the company’s dedication to consumer protection, outlining the platform’s multi-faceted approach, which includes strengthening security measures, empowering customers through education, and forging strategic partnerships.
“Our vision has always been ‘Finance For All’, because we believe that financial inclusion means financial freedom. But it’s not just about this anymore–we’re progressing into financial health and wellness, making sure our service helps Filipinos thrive every day and ensuring they can rely on our products,” Beroña shared.
This reliance on digital financial platforms requires robust security measures, especially with the significant rise in online fraud. According to TransUnion, suspected digital fraud attempts increased by 80% globally from 2019 to 2022. The Federal Bureau of Investigation said losses from online fraud amounted to a staggering $10.3 billion in 2022, an increase of 49% year-on-year.
In the Philippines, prevalent scams include non-delivery of goods by fake sellers, online investment schemes, “love scams,” and social media account hacking. Beroña pointed out that the common denominator between these scams is preying on emotional vulnerability.
To combat such threats, GCash is continuing to implement stringent security measures. These include DoubleSafe, which integrates One-Time Pins (OTPs) and mandatory login passcodes (MPINs), now in tandem with facial recognition as an additional barrier. GCash is also strengthening its defenses through GCash Account Secure, which limits system access to one device per account, and is partnering with government organizations like the National Bureau of Investigation (NBI) and Securities and Exchange Commission (SEC) to bolster cybersecurity efforts.
On a consumer level, GCash’s GSafe Tayo campaigns educate users about online safety, reminding them of common scams and the risks of sharing valuable personal information, including one’s date of birth or address.
Ultimately, Beroña cited consumers themselves as the key to digital risk aversion, stating, “You are our most valuable asset and our strongest line of defense,” Beroña said during the summit organized by Rappler. “No matter how many barriers we put, if you give away the keys to these locks and open the gates for threat actors, then they’ll succeed.”
Through its participation in events like Rappler’s Social Good Summit, GCash reinforces its commitment to consumer protection and online safety, equipping Filipinos with the knowledge and practical tools needed to navigate the evolving digital landscape.
