GCash, the well-known digital payments app of Globe Telecom Inc., announced that it has stopped recent attempts by suspected hackers to siphon off millions of pesos from its users. Initial estimates had placed the total amount of GCash transactions at P37 million, or about P10,000 per transaction.
The announcement was made following the telecommunication company’s discovery of a pattern of questionable transactions, which entailed relatively small withdrawals from multiple GCash users being sent to only two recipient accounts in another bank.
The transfers had appeared “legitimate” at first, but Globe later found out that the criminals had validated them using data obtained from users through phishing techniques.
IMAGE CREDIT: www.facebook.com/gcashofficial/
In a press statement, a high-ranking Globe executive was quoted to have said that the transaction was averted by GCash, which immediately put a hold order on the transfers once the pattern was detected.
“The money is intact, and everything will be returned to our clients,” the executive said.
According to the same official, the company’s first aim is to be proactive in its reaction so as to keep the trust of its consumers, especially given that more Filipinos today have embraced digital payments since the onset of the pandemic.
An internal investigation on the matter is now ongoing.
Gearing up to address most of the needs of Filipinos
Now with over 79 million users, the GCash app remains as the most widely used financial technology platform in the Philippines. It has, in recent years, transformed not just into an e-wallet that allows payments through QR codes but it has also become a platform that allows Filipinos to save money, get insurance, and secure loans, among many other financial transactions.
The interruption of its services early this week was said to have hurt millions of Filipinos who depended on their service for online shopping, paying restaurant bills, and even paying for daily e-jeepney and bus commute costs.
Cognizant of the fact that there’s now a growing number of scams and fraudulent activities, GCash is now trying to change how users interact with each other. It is also set to introduce new security measures that app users can take to keep their money safe.
In the next couple of months, the company says it will further strengthen existing features in the GCash app while beefing up ease of use and of course, security.
During the “FutureCast” event held last March 30, GCash introduced 10 new features and updates that the e-wallet app says will “empower Filipinos to be future-ready.” Here they are:
- GChat — A messaging platform within the GCash app itself. GCash intends to use this as a way for users to interact with their contacts as well as seamlessly record receipts and transaction history from user to user, or from user to merchant. No more taking screenshots of receipts and sending them to each other! GCash will also be sending advisories through Gigi, their virtual assistant.
- DoubleSafe — This new feature uses facial recognition through selfie scans so that they can ensure each new log-in is done by the registered user themself. This is an added layer on top of the required two-factor authentication done via one-time passwords (OTPs) and mobile banking personal identification numbers (MPIN).
- GStocks PH — To counter the usual multi-step process that a lot of conventional trading platforms require, GCash partnered with AB Capital Securities, Inc. to create a more seamless way for Filipinos, whether they’re newbies or seasoned investors, to buy stocks. They have also connected with the Philippine Stock Exchange to make sure that stock information is updated in real-time.
- GCrypto — GCash has partnered with the Philippine Digital Asset Exchange (PDAX), one of the largest crypto trading platforms in the country to give users access to usual cryptocurrencies like Bitcoin and Ethereum. They are also offering non-fungible tokens (NFTs) through GCash’s GCrypto.
- GInsure Online Shopping Protect — this new product, which only costs P34 a month, will provide all online shopping transactions with insurance coverage of up to P20,000 for damages, if the product was undelivered, or if the product was stolen.
- GGives — Another service that GCash is giving a boost to, which would allow users to enjoy payment options such as “Buy Now, Pay Later,” zero interest fees, and installment plans with select merchants. Users can now do all these even without a credit card.
- Borrow Load — GCash is also allowing users to borrow a “load” so they can maintain their access to data. Users can borrow this load to buy promos that can be used for texting, calling, and browsing the Internet.
- GCash Global Pay — Thanks to the partnership with Alipay+, GCash users won’t need to keep relying on their credit cards and keep converting currencies anymore as they can now pay merchants from Singapore, Malaysia, Japan, South Korea, Qatar, Germany, Italy, France, and the UK using GCash. This feature offers real-time FOREX charging and has no service fees.
- GCash Card — No Alipay+? You can use this VISA-powered card from GCash instead. Users also get real-time FOREX charging at low exchange rates and zero service fees. This will be available towards the latter part of 2023.
- GCash Overseas — This new feature is open to overseas Filipinos in Japan, Australia, Italy, and the US. This allows them to download GCash using international SIM cards and get access to features and services that GCash offers. This means that overseas Filipinos can now pay directly to billers, send money, and more. They can also send money home for free for GCash to GCash transactions.
GCash is the country’s first and only company that has reached a “double unicorn” standard (or duacorn, which means its valuation is over the US$2 billion mark. The app has also been instrumental in making financial services more inclusive and accessible to Filipinos.