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GCash partners with DICT to stifle digital asset fraud in the Philippines

GCash, the digital wallet of Globe Telecom Inc., has announced a partnership with the Cybercrime Investigation and Coordinating Center (CICC) of the Department of Information and Communications Technology (DICT) to speed up the investigation against fraudsters in the industry.

The virtual wallet service provider and DICT noted that the memorandum of agreement was a historic step to protect the growing number of individuals turning to digitization. Both parties confirm that their collaboration will be efficient and seamless to reduce the rising spate of digital fraud in the Philippines going forward.

GCash Chief Customer Officer Winsley Bangit stated that the timing of the agreement with the government agency was perfect because “four out of every five Filipino adults are now placing their trust in GCash.”

“We appreciate this immense support, which also serves as a compelling reminder that we must continue improving and innovating to protect our customers from ever-present cyber threats and other types of scams,” said Bangit.

According to the agreement, crimes involving phishing, digital asset fraud, and vishing will be given utmost priority, while other types of criminal activity involving the GCash app will also be given significant attention. The memorandum also details plans to educate the public on the best ways to protect themselves from scammers through campaigns and other related activities.

CICC says it will not be working alone. Instead, it will leverage its expansive government connection to deliver on its duties in the memorandum.

“The CICC shall undertake the realization of these responsibilities with respect to our common values and a common vision for a cyber-safe and cyber-resilient Philippines,” said James Layug, DICT assistant secretary.

The apple does not fall far from the tree

Globe Telecom, the parent company of GCash, has been making inroads into digital assets in the last 12 months. The sum of the efforts of the telecommunications giant was the ambitious plan to offer masterclasses in the metaverse to train thousands of Filipinos.

The move is to trigger an increase in metaverse usage amongst the Philippines’ tech-savvy population. According to Ciena research, the country’s working population is tilting towards using virtual worlds to streamline their working experience.

The research pegged the number of individuals showing an interest in the metaverse at 90%, with respondents noting the absence of commuting being a core reason for the yearning for the transfer of work processes to the virtual worlds. Axie Infinity and other web 3 games offered a glimpse into the metaverse for Filipinos during the thick of the pandemic, sparking interest amongst the country’s working class.

Watch: Philippine Fintech Festival Highlights: Designing a digital economy that’s anti-fragile

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