GCash backs urgent passage of legislation against scammers
In line with its thrust of building the safest platform for its users, GCash is expressing its full support for the urgent passage of a proposed law that will give a big boost to the fight against scammers and fraudsters.
“As we place utmost priority on trust and security, we believe that House Bill 7393, or the ‘Anti-Financial Scamming Act’ and Senate Bill 2039, or the ‘Anti-Mule and Financial Fraud Act of 2023’ will greatly help deter financial cybercrimes in the country,” said Ren-Ren Reyes, president and CEO of G-Xchange, Inc., the mobile wallet operator of GCash.
The proposed legislation will primarily punish cybercriminals and their accomplices such as the so-called money mules who are used by scammers to receive stolen or illicit money and obscure the source of funds while keeping the criminals’ identity secret. While some money mules are aware that what they’re doing is illegal, others are more unwitting.
“If urgently passed and implemented, the measures penalizing money mules and scammers can further accelerate the country’s digitalization and financial inclusion agenda,” noted Reyes.
GCash has been proactively blocking suspicious accounts to keep these bad actors from victimizing customers. In fact, from January 2022 to June 2023, GCash has already barred 4 million accounts from accessing the platform for fraud.
The leading e-wallet is also in close coordination with the Philippine National Police Anti-Cybercrime Group (PNP-ACG), the Cybercrime Investigation and Coordinating Center (CICC), and the National Bureau of Investigation (NBI), to ensure scammers and fraudsters are stopped in their tracks.
House Bill 7393, once passed, will penalize any person who acts as a money mule or performs social engineering schemes. When done by a group of three or more persons, perpetrators will also face charges of economic sabotage. As for Senate Bill 2039, it expressly prohibits phishing and account takeovers – two of the most common schemes that criminals use to steal money from unsuspecting users. Both proposed measures define money mules as persons who sell, buy, or lend e-wallets or other financial accounts, including those who register for such accounts using fake names or stolen identity to commit a crime. Other bills in the Senate aimed at beefing up the fight against fraudsters and scammers are SB 336, SB 2171, SB 2306, and SB 2407.
“We look forward to collaborating with our legislators and other stakeholders for the protection of the Filipino people against evolving threats in this increasingly more digital world,” emphasized Reyes.
About Mynt
Mynt is the first and only $5 billion unicorn in the Philippines. It's a leader in mobile financial services focused on accelerating financial inclusion through mobile money, financial services, and technology. Mynt operates two fintech companies: GXI, the mobile wallet operator of GCash — the #1 Finance App in the Philippines, and Fuse Lending, a tech-based lending company that gives Filipinos access to microloans and business loans.
About GCash
GCash is the Philippines’ #1 Finance App and Largest Cashless Ecosystem. Through the GCash App, users can easily purchase prepaid airtime; pay bills via partner billers nationwide; send and receive money anywhere in the Philippines, even to other bank accounts; purchase from over 6 million partner merchants and social sellers; and get access to savings, credit, loans, insurance and invest money, and so much more, all at the convenience of their smartphones. GCash’s mobile wallet operations are handled by G-Xchange, Inc. (GXI), a wholly-owned subsidiary of Mynt, the first and only duacorn in the Philippines.
Mynt and GCash are staunch supporters of the United Nations Sustainable Development Goals (SDGs), particularly UN SDGs 5,8,10, and 13, which focus on safety & security, financial inclusion, diversity, equity, and inclusion as well as taking urgent action to combat climate change and its impacts, respectively.
For more information, please contact:
Bruce Rodriguez, Head of Business Communications
Corporate Communications
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This press release is for informational purposes only and does not constitute, or form part of, any offer, solicitation, or invitation to sell, issue, purchase, or subscribe for any securities in the Philippines, the United States, or any other jurisdiction. No securities of Mynt, Inc. have been or will be registered under the U.S. Securities Act of 1933, as amended, and such securities may not be offered or sold in the United States absent registration or an applicable exemption from registration requirements. There will be no public offering of the securities of the Company in the United States. No money, securities or other consideration is being solicited by this document or the information contained herein and, if sent in response to this document or the information contained herein, will not be accepted. Any potential initial public offering and listing in the Philippines, if pursued, remain fully subject to prevailing market conditions and regulatory approvals, including the registration requirements of the Philippine Securities and Exchange Commission and the listing rules of the Philippine Stock Exchange, Inc., and there can be no assurance that any such filings will be made or that any offering or listing will be consummated. This document contains forward-looking statements that involve inherent risks and uncertainties; actual results, timelines, and outcomes may differ materially from those projected due to shifting market dynamics, economic environments, and regulatory updates.
