USING the GCash app could be more secure next month when it rolls out its new security feature.
GCash, an Ayala-backed financial application, announced that it would launch a “double authentication” feature using face recognition starting in December to prevent unauthorized transactions amid the rise of text scams.
“The new feature removes customers’ dependence on SMS OTPs which has been exploited by some fraudsters to scam users. It will provide a unique identifier that can’t be phished by scammers,” Gcash chief customer officer Winsley Bangit told reporters during a media launch on Thursday.
“We never stop innovating to make sure our 71 million users have the safest and most convenient experience when they use the app,” Bangit added.
GCash also signed a memorandum of agreement with the Philippine National Police Anti-Cybercrime Group to go after perpetrators involved in phishing, smishing, online fraud, e-scams, vishing, and other cybercrimes taking advantage of GCash users.
“I would like to express my confidence that through our stronger partnership with the PNP-ACG, we will be able to achieve more in the prevention, investigation, and prosecution of cybercrimes,” GCash chief legal officer Atty. Maricor Alvarez-Adriano said.
GCash has already breached the P3-trillion mark in gross transaction value or GTV, which reflects the strong growth momentum of the digital financial space. It also doubled down on its merchant acquisition efforts and partnerships, resulting in a merchant and social seller base of 5.2 million.
A financial super app with a full suite of services, including cash loans and buy-now-pay-later products, it is the lone double unicorn in the Philippines valued at over $2 billion.