GCash, CICC team up to combat financial fraud

GCash, CICC team up to combat financial fraud

ELECTRONIC WALLET platform GCash has partnered with Cybercrime Investigation and Coordinating Center (CICC) to address the rising cases of financial fraud.

“What this collaboration actively does is to put together a rapid incident response mechanism so that the public can be properly protected in real time,” Department of Information and Communications Technology (DICT) Secretary Ivan John E. Uy said during a media briefing.

The CICC is an attached agency of the DICT.

“We are taking a preemptive action today so that a certain modus is identified — whether phishing or scamming — and immediately reported to our hotline,” Mr. Uy said.

“Our analysts, investigators will now be able to alert the financial institution that there is a new mode of scam,” he added.

In January, GCash partnered with the National Bureau of Investigation (NBI) for a data-sharing deal to track online financial fraud.

The collaboration with NBI will help GCash understand the pattern of frauds, it said, adding that the partnership will also help them trace accounts that may use GCash wallets for crimes.

In 2023, GCash said it had removed over four million accounts due to engagement in fraudulent transactions and other malicious activities. — Ashley Erika O. Jose