Despite the number of mobile wallet users increasing over the years, a large portion of Filipino consumers still remain skeptical of the technology, fearing identity theft or even credit card fraud.
According to The Nilson Report, a US-based research agency for news and analysis of the global card and mobile payment industry, global card fraud losses continue to be on the rise. From 2016 to 2025, projected fraud losses will nearly double, climbing from $22.8 billion to nearly $50 billion.
This is because more online hackers and cyber thieves are finding different ways to steal information or fool people into giving up their data through social engineering. One example is through fake e-mails or calls from supposed representatives of banks or credit card companies. These fraudsters ask for personal information in the pretense of confirming someone’s identity. Some even call their victims using a fake number to avoid being traced.
These tactics that identity thieves use on customers of traditional banks and credit cards are the same being employed on individuals using digital financial apps. The lack of assurance that consumers and users feel regarding online safety and protection may be a deterrent to fully utilizing the power of mobile applications out of fear of being swindled.
GCash, the country’s leading mobile wallet, is cognizant of such threats and has come up with a program to provide increased peace of mind for users on their platform. The initiative, called Customer Protect, is a first in the industry to protect and even compensate users in case of unauthorized financial transactions on their GCash app, GCash on Messenger or GCash Mastercard platforms.
These transactions may arise from untoward incidents of stolen mobile phones or identity theft. Customer Protect is a feature that enhances GCash’s advanced risk capabilities that are already in place, which actively analyze and monitor transactions to detect and prevent fraudulent activities.
Fully verified GCash users can receive compensation of the actual amount of unauthorized transactions not exceeding P100,000. Semi-verified users can receive compensation up to P10,000 while basic users can receive up to P2,000.
With the introduction of this innovative program, GCash users can feel even more secure as they continue their usual daily transactions on the app, such as buying load, sending money and many others. Customer Protect frees GCash users from worry and gives them the confidence to embrace a fully digital lifestyle of convenience and immediacy.