Monday, April 15, 2024

GCash inks pact with NBI to run after cyber criminals

The National Bureau of Investigation (NBI) and e-wallet operator GCash have signed a memorandum of agreement to further strengthen their collaboration to go after perpetrators of online fraud, scams, and other cybercrimes.

Under the partnership, GCash will assist NBI in preventing, detecting, investigating, and prosecuting cybercrimes that involve the use of the GCash mobile app or the transfer or receipt of proceeds from any crime or unlawful activity.

This will be done by providing relevant information and data under prevailing laws, rules, and regulations. The agreement also further solidifies the priority of GCash to secure the funds and data of its users.

The signing ceremony was graced by key officials from the NBI led by its director Medardo G. De Lemos and G-Xchange Inc. (GXI) led by its chief executive officer Oscar Enrico “Renren” Reyes Jr.

“As more and more Filipinos embrace the digital space for their daily transactions and investments, it’s critical for law enforcement agencies to have an active partner like GCash with whom we exchange technical knowledge and expertise on the latest cybersecurity measures. This partnership is a big milestone in our shared fight against scammers, fraudsters, and other cybercriminals,” said De Lemos.

GCash said it is also working actively with the Philippine National Police Anti-Cybercrime Group (PNP-ACG), Anti-Money Laundering Council (AMLC), and other law enforcement agencies to further employ up-to-date security technologies, and strengthen security measures, through continuous threat and intelligence sharing, and better ensure safer transactions for its customers.

This also includes adhering to the anti-money laundering, counter-terrorism financing, and anti-fraud standards.

“We’ve seen a concerning rise in online scams, investment fraud, and various cybercrimes in recent years. Now more than ever, it is crucial that we work together with authorities to protect Filipinos against perpetrators,” said Reyes.

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