GCash Shines Spotlight on Robust Security Measures at Asian Summit

Leading mobile wallet joins digital leaders at Seamless Asia Summit

During the recent Seamless Asia Summit held at Marina Bay Sands Expo and Convention Centre in Singapore, GCash, the Philippines’ leading mobile wallet, shared its expertise in trust and security. The summit brought together more than 2,500 professionals from key regional banks, digital wallets, e-commerce retailers, and government agencies.

GCash’s Chief Risk Officer, Ingrid Beroña, joined representatives from ING Bank, Fintech Alliance PH, Sompo Holdings (Asia) Pte Ltd, and Commonwealth Bank to lead a discussion on protecting payments from digital fraud. This marked the first in-person meeting since 2019, highlighting the importance of the event.

Beroña emphasized that while providing financially inclusive services like affordable insurance and investment products, ensuring secure transactions and peace of mind is crucial. She stressed that fraud is not limited to one institution but affects the entire industry. By collaborating with law enforcement agencies and analyzing their data, financial platforms can identify vulnerabilities and adapt accordingly.

Continuous monitoring and learning are essential to stay ahead of fraudsters in an ever-evolving landscape. Beroña highlighted the need to proactively detect new fraud schemes and modus operandi, using the knowledge gained to enhance security measures and create a safe environment for users.

Adaptability is crucial in cybersecurity platforms to effectively respond to the changing fraud landscape. Beroña emphasized the importance of ongoing cooperation with law enforcement authorities to gain insights into the operations of cybercriminals. The information obtained from these collaborations can be utilized to conduct consumer education campaigns and protect users, ensuring a safer digital experience.

GCash has implemented its world-class security feature, DoubleSafe, across its platform. DoubleSafe utilizes state-of-the-art face ID technology, ensuring that only the account owner can access their account from another device. Even if users inadvertently disclose their MPIN or OTP, their account remains inaccessible on a new device without the owner’s face being scanned.

GCash also maintains close coordination with the Philippine National Police Anti-Cybercrime Group (PNP-ACG), the Cybercrime Investigation and Coordinating Center (CICC), and the National Bureau of Investigation (NBI) to strengthen efforts in pursuing scammers and fraudsters.

By prioritizing trust and security, GCash aims to provide users with a secure and reliable mobile wallet experience, continuously improving its security measures through collaboration, education, and cutting-edge technology.