MANILA, Philippines — Mobile payments service GCash has been constantly coordinating with authorities and regulatory bodies, like the Bangko Sentral ng Pilipinas (BSP) and National Privacy Commission (NPC), in providing the necessary information required of the e-wallet application following what it considered as a deliberate phishing attempt on its platform last week.
“These proactive efforts actually help deter more users from being victimized by these illegal phishing activities,” GCash said in a statement sent to the media through email yesterday.
“These measures are in compliance with global cybersecurity standards and in line with our
commitment as a financial services provider regulated by the BSP,” it added.
The e-wallet platform gave assurance that it remains steadfast in ensuring the protection of its customers’ funds and data as it continues to invest in the latest cybersecurity technologies and capabilities available.
“In partnership with the Philippine National Police - Anti-Cybercrime Group (PNP-ACG), the (Department of Information and Communications Technology’s) Cybercrime Investigation and Coordinating Center (CICC) and NBI, we continue to intensify efforts in going after scammers and fraudsters,” it said.
“We enjoin the NPC in reinforcing efforts to educate everyone on the importance of being vigilant in securing their personal information,” it added.
GCash also reiterated that neither hacking nor a glitch occurred in the platform last week.
“The incident last May 8, 2023, was a deliberate phishing attempt that happened outside of the GCash app. Some users may have unknowingly shared their information to suspicious sites masked as legitimate brands or institutions,” it said.
Upon detection of unusual transactions, GCash immediately activated security protocols and deployed its preventive security measures.
“This swift action enabled us to mitigate the impact (on) our customers, which was why we were able to correct their e-wallet balances immediately within 24 hours,” it said.
The app was placed on extended preventive maintenance to ensure that the service exerted all means necessary to mitigate the impact of the incident, according to the e-wallet app.
“Majority of our customers put their hard-earned money on GCash and rely on it for their everyday transactions. No preventive measures are too much if it is meant to protect all hardworking customers that placed their trust on GCash,” it said.
“The safety and security of all our customers remain our topmost priority. We will not stop working with the authorities as we endeavor to eliminate fraudsters as our common enemy,” it added.
GCash likewise reminded its users to safeguard their information by transacting only through its official channels.
“Remember that GCash will never send personal messages to address concerns or ask for your MPIN (the four-digit mobile personal identification number), OTP (one-time password) or other personal information,” it said.
CICC vows objectivity
Meanwhile, the CICC has vowed to maintain objectivity as it pursues an investigation on unauthorized fund transfers involving hundreds of GCash users.
CICC executive director Alexander Ramos met with GCash representatives last Friday at the National Cybercrime Hub in Bonifacio Global City in Taguig City to determine the nature and scope of the GCash incidents that resulted in unauthorized transfers of money from hundreds of accounts.
During the meeting, Ramos directed GCash Legal Department representative Gilbert Escoto and Security Department representative Gibs Gumapo to submit a report on the circumstances of the incident.
“The CICC assures GCash and the public of the objectivity of its probe on whether there were lapses in GCash’s security system, and if warranted, make recommendations to GCash moving forward to ensure that public interest is safeguarded,” Ramos said.
He told The STAR that the investigation was launched last week.
“We have an ongoing inquiry,” he said late Thursday. — Leo Laparan II, Rainier Allan Ronda