As more and more people go cashless amid the new normal, security has to be the top priority for fintech companies to maintain customer trust. With accessibility, comes great responsibility.
It is in our nature as Filipinos to be anxious about the safety of online transactions. Despite the ease and practicality offered by mobile wallets, fraud and other forms of theft have also made their way into the digital realm.
This is why GCash has come up with multiple ways of protecting the hard-earned money of its customers from fraudulent transactions.
GCash mandates users to comply with verifying their identity as part of the Know-Your-Customer (KYC) process. Before giving them access to all the features that GCash has to offer, the app requires users to submit documents such as valid government IDs, as well as facial verification, to confirm their identity.
Two-Factor Authentication (2FA)
2FA serves as an extra security layer to access a GCash account. This feature makes sure that only one GCash user has access to their mobile wallet, which works by sending a unique pin code to their registered mobile number.
MPINs and One-Time PINs (OTP)
Just like any other mobile banking app or ATM, a GCash user can access their account through an MPIN. An OTP, on the other hand, is an authentication code that is sent to a customer’s registered phone number to verify fund transfers and other transactions.
As its latest update, GCash is boosting its user protection by rolling out a biometrics feature with fingerprint and facial recognition. While the existing security features are more than enough to weed out the less than one in a million chance of falling victim to online fraud, this new feature even lessens that possibility, as it asks for information that is unique to each person.
GCash is registered with and licensed by the Bangko Sentral ng Pilipinas, meaning it is fully compliant with all government mandates and processes required in handling customers’ monies.
While it boasts of convenience and speed in digital fund transfers, GCash also puts a premium in the security of its customers. Not only does GCash look for ways to make the economy thrive through cashless means, it stays up to date with the potential risks that accompany technological innovation–and finds solutions to these problems in order to serve users in the best way possible.
Globe Fintech Innovations Inc. (Mynt), which operates GCash, is part of the portfolio companies of 917Ventures, the largest corporate incubator in the Philippines wholly-owned by Globe Telecom Inc.
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