SEC, GCash renew anti-cybercrime partnership in the Philippines

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SEC & GCash anti-cybercrime

Highlights

SEC and GCash renewed their Memorandum of Agreement, originally formalized in September 2023, to strengthen cooperation on combating financial cybercrime in the Philippines.
The partnership enhances enforcement coordination, enabling faster investigation and information exchange on online fraud, illegal investments, and unauthorized lending affecting GCash users.
GCash and SEC issued public warnings about unlicensed investment offers and aggressive scams, urging users to verify credentials and report suspicious activity through official channels.

Renewed agreement expands enforcement coordination

As reported by BusinessWorld Online, the renewed Memorandum of Agreement strengthens cooperation between the Securities and Exchange Commission and GCash in addressing financial cybercrime and other illicit financial activities. The arrangement, first formalized in September 2023, supports coordination between the SEC Enforcement and Investor Protection Department and GCash during investigations involving online fraud, illegal investment solicitation, unlawful lending and related offenses.

SEC Commissioner Rogelio Quevedo said protecting the public from financial crimes requires close coordination between regulators and digital platforms. He said the continued partnership strengthens the regulator's ability to respond more quickly to emerging threats, exchange relevant information and pursue enforcement action against individuals and entities behind fraudulent and unauthorized investment schemes.

GCash said the renewed agreement is part of its broader effort to protect users by supporting authorities in detecting, investigating and addressing suspected illegal activities involving the platform. Oscar Enrico Reyes, Jr., president and chief executive of G-Xchange, Inc., the mobile wallet operator of GCash, said the partnership allows the company to work more closely with regulatory and enforcement agencies to prevent misuse of its platform.

Public alerts target scams and account security

The SEC and GCash urged the public to verify first whether investment or lending entities hold valid licenses from regulators such as the SEC or the Bangko Sentral ng Pilipinas before sending money or entering transactions. They said offers promising guaranteed, risk-free returns, aggressive recruitment tactics or loans requiring upfront processing fees should be treated as warning signs.

GCash also reminded users not to share sensitive account information, including passwords and MPINs. The company said it does not send messages containing links and advised customers not to open links received through SMS, email or third-party messaging applications.

Customers are encouraged to report suspicious activity or unauthorized transactions through the GCash Help Center on the app or website, via the Gigi chat support feature or through the GCash hotline at 2882. Scam incidents may also be reported to the Philippine National Police Anti-Cybercrime Group through its email channel, as GCash continues to position digital financial services as a safe and trusted channel for Filipinos.

Our earlier article on SEON’s expansion in the Philippines explained how the fraud-prevention provider is targeting rising demand for tighter controls as digital payments grow and compliance expectations increase. It highlighted SEON’s partnership with Exist Software Labs to deepen local reach across banks, remittance firms, and payments businesses, where new rules and higher scam risks are pushing institutions to invest more in risk management.

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