SEC and GCash renew partnership to intensify campaign against financial cybercrime

The Securities and Exchange Commission (SEC) and finance superapp GCash have renewed a Memorandum of Agreement (MOA) to strengthen efforts against financial cybercrime and other illicit financial activities.

First formalized in September 2023, the partnership enables close coordination between the SEC Enforcement and Investor Protection Department (SEC-EIPD) and GCash during investigations into online fraud, illegal investment solicitation, unlawful lending, and other offenses.

“Maintaining a secure digital environment and protecting the public from financial crimes requires strong coordination between regulators and digital platforms. Our continued partnership with GCash strengthens the SEC’s capacity to respond promptly and effectively to emerging threats, facilitate the exchange of relevant information, and pursue appropriate enforcement action against individuals and entities that exploit the public through fraudulent and unauthorized investment schemes,” said SEC Commissioner Rogelio Quevedo.

The renewed agreement forms part of the ongoing efforts of GCash to safeguard users from harm by supporting authorities in detecting, investigating, and addressing suspected illegal activities involving the platform.

“Upholding public safety is a commitment we share with the SEC, and this renewed partnership enables GCash to work more closely with regulatory and enforcement agencies when it comes to preventing the misuse of our platform,” said Oscar Enrico Reyes, Jr., President and CEO of G-Xchange, Inc. (GXI), the mobile wallet operator of GCash.

As fraudsters attempt to deceive consumers, public vigilance remains an important line of defense against financial cybercrime. Before transacting, the public is urged by the SEC and GCash to verify if prospective investment or lending entities hold valid licenses from official regulatory bodies, such as the SEC or the Bangko Sentral ng Pilipinas (BSP). Investment offers promising “guaranteed,” risk-free returns, aggressive recruitment schemes, or loan offers demanding upfront “processing” fees should be treated as immediate red flags.

GCash also reminds users to protect their accounts by never disclosing sensitive credentials, including passwords and MPINs. The superapp emphasizes that it does not send messages containing links, advising customers never to open links sent through SMS, email, or third-party messaging apps.

To stay safe when transacting online, customers are encouraged to report suspicious activities or unauthorized transactions immediately through the GCash Help Center in the app or website, via the Gigi chat support feature, or by calling the GCash hotline at 2882. Scam incidents may also be reported to the Philippine National Police Anti-Cybercrime Group by sending an email to [email protected].

Partnering closely with regulatory and enforcement agencies, GCash continues to ensure digital financial services remain a safe and trusted channel for all Filipinos. For more information, visit the Help Center.

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