GCASH-operator G-Xchange Inc. announced plans to roll out a new security feature that will combat account takeovers and prevent unauthorized transactions brought about by text and other scams.
In a press launch, G-Xchange Chief Customer Officer Winsley R. Bangit said the platform will introduce a “double authentication” feature that will link a GCash account to a specific device using biometrics.
“This feature removes customers’ dependence on SMS OTPs [one-time passwords], which has been exploited by some fraudsters to scam users. It will provide a unique identifier that can’t be phished by scammers. It also provides an additional layer of security to the current SMS OTP,” Bangit said. “We never stop innovating to make sure our 71 million users have the safest and most convenient experience when they use the app.
During the same event, G-Xchange also signed a memorandum of agreement with the Philippine National Police Anti-Cybercrime Group to strengthen collaboration in going after perpetrators involved in phishing, smishing, online fraud, e-scams, vishing, and other cybercrimes that take advantage of GCash users.
GCash is being used by fraudsters to steal money from victims through various means including phishing and smishing. This forced G-Xchange to migrate transaction notification messages to the in-app inbox and masked the names of send money recipients to further protect the users’ funds and personal data.
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