Saturday, June 22, 2024

GCash backs gov’t move to penalize ‘loan and sale’ of e-wallet accounts

Mobile wallet provider GCash said it is ready to support proposed legislation that will criminalize the loan and sale of mobile wallet accounts.

The company issued the statement after authorities were able to trace and apprehend suspects who attempted to extort money from Senate President Juan Miguel Zubiri.

Seized from the fraudsters were marked money, identification cards, mobile phones, and the SIM card allegedly used in communicating with Zubiri.

Scammers often use e-wallet accounts that are not registered under their names. Fraudsters are able to do this by using or buying SIM cards in the black market that are registered with e-wallets under people who sell or lend their identities.

“Given the increasing incidents of online fraud, GCash is ready to support measures to penalize the lending and selling of e-wallet accounts including calls to criminalize the activity in order to prevent scammers from using this modus,” said Ingrid Rose Ann Beroña, GCash chief risk officer.

GCash said it uses the eKYC (electronic- Know Your Customer) process aligned with the requirements of the Bangko Sentral ng Pilipinas. This, it said, makes it easy to identify the account holder because a live photo of the person is taken together with their valid ID.

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