GCash has removed over 4 million accounts that have been suspected to engage in cybercrimes.
To protect the e-wallet application, GCash has deleted over 4 million accounts that have made risky transactions and fraud.
"When we see transactions that are potentially fraudulent or risky, we are able to block them. We took down more than four million accounts in just 18 months, from January 2022 to June 2023," Oscar Reyes Jr., G-Xchange president and CEO stated.
Additionally, GCash has blocked 185 websites that may steal information from GCash users.
The House of Representatives has approved the Anti-Financial Account Scamming Act that would penalize users who take part in financial fraud.
"These are things that should be made a criminal offense in the country because you are making yourself an accessory, aiding in the commitment of a crime. That sort of thing, I think, should be stopped through a law that we are also pushing Congress to enact," said by Ernest Cu, CEO and president of Globe.
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