The Securities and Exchange Commission and GCash operator G-Xchange Inc. on Thursday agreed to go after those involved in online fraud, e-scams and other cybercrimes.
Under the agreement, GCash assist the SEC in investigating financial fraud by providing relevant information and data in accordance with prevailing laws, rules and regulations.
There has been an increase rise in online scams, investment fraud and various other cybercrimes that started during the pandemic as more Filipinos embraced the digital space in their daily transactions and investments,
The SEC’s Enforcement and Investor Protection Department said victims of cybercrimes typically use online money transfer services such as e-wallets for these transactions.
“As the country’s investor champion, we must think of ways for fintech companies like GCash to thrive. Financial services offered by GCash will further the cause for financial inclusion and bring the capital market to more Filipinos. The MOA entered into today allows efficient cooperation between EIPD and GCash. Through this MOA, the EIPD can request vital information from GCash to build better cases in its fight against fraud,” SEC chairman Emilio B. Aquino said.
The agreement further solidifies GCash’s commitment to secure its customers’ funds and data.
“By continuously working with the government in combating scams, fraud, and other cybercrimes, we want our users to have peace of mind and confidence to transact in the digital space. After all, at GCash, the security of our users is our utmost priority. Together with the SEC, we will continue to improve and innovate in order to protect our customers against cyber threats and other types of scams,” G-Xchange CEO Oscar Reyes said.
