GCash cautions against gambling apps used for phishing
A recent investigation by the National Privacy Commission (NPC) and the leading mobile wallet GCash, has led to the discovery of certain gambling sites and apps which were used for account takeovers in the recent surge of phishing scams.
Additionally, some influencers may have unknowingly promoted these gaming apps without being aware of their fraudulent nature. GCash is now cautioning its users to be extremely careful when accessing online gambling sites and apps, and to avoid them altogether if possible.
In this latest scheme, perpetrators created gambling apps while falsely claiming to be accredited by the Philippine Amusement and Gaming Corporation (PAGCOR). These apps deceive users with a verification process, redirecting them to a fake GCash website or payment page to top up betting credits. From there, fraudsters were able to access sensitive information such as credit card details, passwords, GCash numbers, MPINs, OTPs, and other personal data that can be exploited to gain unauthorized access to user accounts.
"The trust and safety of our customers remain our top priority which is why we are relentless in ensuring the public is made aware of phishing scams related to online gambling. This goes hand-in-hand with our own world-class security features and innovations that gives our users additional layers of protection against evolving threats," emphasizes GCash Chief Technology and Operations Officer, Pebbles Sy.
Last month, the leading mobile wallet announced its collaboration with various law enforcement agencies to further investigate a thwarted phishing attempt which was rectified by the GCash cybersecurity team in the same day they monitored the incident. GCash’s internal investigation traced the phishing link to fraudulent messages masquerading as SIM card registration.
"Our intensified collaboration with law enforcement authorities will continue to expose these scams, but we encourage everyone to join this crusade by staying informed about phishing," adds Sy.
GCash continues to be in close cooperation with law enforcement authorities, including the Philippine National Police (PNP), the National Bureau of Investigation (NBI), and the Cybercrime Investigation and Coordinating Center (CICC).
GCash reiterates its warning to users never to share their MPIN or OTP to anyone and to avoid clicking on unknown links from websites, emails, or messaging apps.
For assistance, users can contact the PNP-ACG through their hotlines at (02) 8414-1560 or 0998-598-8116, or via email at acg@pnp.gov.ph. To report scams and other fraudulent activities, users can also visit the official GCash Help Center in the app or at help.gcash.com, message Gigi and type "I want to report a scam." Customers can also reach out to the official GCash hotline at 2882 for inquiries and other concerns.
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.
