In response to concerns about recent unauthorized transactions, well-known e-wallet provider GCash has added yet another layer of security measures to stop hackers from stealing users’ accounts.
The financial technology company, which is funded by Globe Telecom, said in a statement on Tuesday that all of its verified users may already access its “DoubleSafe” Face ID feature.
Every time a user logs in for the first time to a new device, the feature is turned on. Face recognition technology supports it, preventing account access even if hackers obtain the users’ mobile PIN and one-time PIN.
The face recognition feature is integrated into the app and doesn’t require high-end smartphones. Given the frequency of phishing efforts outside the app, we made sure that every one of our verified user bases would have access to this security feature, according to Pebbles Sy, chief technology and operations officer of GCash.
In addition, GCash claimed that it has been thwarting accounts and websites that have been detected engaging in fraudulent behavior, such as phishing. Text scams, a prevalent kind of this hack that became more prevalent throughout
The e-wallet service provider claimed that in the first four months, it had blocked 3.1 million accounts, 722 phishing websites, and 38,000 false social media posts.
GCash asserted to be “actively” pursuing cyberhackers through its cooperation with the Philippine National Police Anti-Cybercrime Group, the National Bureau of Investigation, and the Cybercrime Investigation and Coordinating Center.
The well-known e-wallet provider had to cope with multiple user complaints about unapproved withdrawals from their GCash accounts earlier this month.
GCash previously stated that there was no hacking involved. Instead, it said that a purposeful phishing attempt had been made in which hackers deceived users into giving up personal information like contact information. By obtaining this information, hackers might control a user’s account.
GCash earlier stated that “some users may have unknowingly shared their information to suspicious sites posing as legitimate brands or institutions.”
When the program was discovered, GCash put it under maintenance, rendering it unavailable for a while. It eventually succeeded in restoring users’ original account balances.