With trust and security as its number one
priority, GCash shares its best learning and practices in the recent Seamless
Asia Summit held at Marina Bay Sands Expo and Convention Centre in Singapore.
The Seamless Asia Summit gathers over
2,500 professionals from key regional banks, digital wallets, e-commerce
retailers, and government agencies.
The country’s leading mobile wallet,
together with four other top experts in the Southeast Asian region, led the
discussion on protecting payments from digital fraud during the summit. GCash chief
risk officer Ingrid Beroña joined representatives from ING Bank, Fintech
Alliance PH, Sompo Holdings (Asia) Pte Ltd, and Commonwealth Bank. The summit
also marked the first in-person meeting since 2019.
Beroña emphasized that financially
inclusive services such as affordable insurance and investment products must
come with peace of mind and secure transactions.
“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.
She 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.
“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.
Cybersecurity platforms need to be highly
adaptable to be able to respond to the ever-changing fraud landscape,
emphasized Beroña, while 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.
GCash has reached 100% 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.
GCash is also in close coordination with
the Philippine National Police Anti-Cybercrime Group (PNP-ACG) and the
Cybercrime Investigation and Coordinating Center (CICC) and the National Bureau
of Investigation (NBI), to intensify efforts in going after scammers and
fraudsters.
