GCash to launch 'double authentication' security feature
GCash has announced that it is set to launch "double authentication," a new security feature which aims to prevent unauthorized transactions caused by phishing and other scams.
According to GCash, the double authentication security feature ensures that "only the account owner has the ability to link his GCash account to a specific device."
Winsley Bangit, Chief Customer Officer of GCash, noted that "this feature removes customers' dependence on SMS [Short Messaging Service] OTPs [One-time passwords] which has been exploited by some fraudsters to scam users."
Bangit also added that the new security feature of GCash "will provide a unique identifier that can't be phished by scammers," as well as "an additional layer of security to the current SMS OTP."
Moreover, "Online Shopping Protect" is a new product introduced by GCash under its GInsure platform. For just PHP 34 per month, users can get up to PHP 20,000 in insurance coverage for incomplete deliveries, defective items, and accidentally-damaged or stolen products. The new offering, which will soon launch on GInsure, is powered by Chubb, a global insurance company.
GCash has been expanding its partnership with authorities and regulators in order to ensure the safety of the entire e-wallet ecosystem.
During the #GSafeTayo media launch, GCash and the Philippine National Police Anti-Cybercrime Group (PNP-ACG) signed a memorandum of agreement to strengthen collaboration in pursuing perpetrators of phishing, smishing, online fraud, vishing, e-scams, and other cybercrimes that target GCash users.
GCash Chief Legal Officer Atty. Maricor Alvarez-Adriano that through their stronger partnership with the PNP-ACG, the company "will be able to achieve more in the prevention, investigation, and prosecution of cybercrimes." Atty. Maricor also added that they assure the PNP-ACG that they will do whatever they can in order to successfully implement their agreement.
Through its #GSafeTayo security campaign, GCash has reminded its users to never share their MPIN or OTP and to never click links outside of the GCash app, particularly from websites or senders that have not been verified as legitimate.
Recently, GCash has already removed all clickable links from its official SMS and email messages to users to help them identify fraudulent messages containing links.
Additionally, the e-wallet has migrated transaction notification messages to the in-app inbox and masked the names of send money recipients to protect users' funds and personal information.
Through its revitalized security campaign, GCash aims to reduce incidents of fraud by implementing a combination of user education, increased cooperation with law enforcement agencies, and ongoing platform upgrades.
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