Gcash, NBI ink partnership to intensify fraud investigation

ELECTRONIC wallet platform GCash and the National Bureau of Investigation (NBI) signed on Wednesday a data-sharing deal to track online financial fraud.

“Primarily [the aims of this partnership] is information sharing, specifically on analytics — because it will really help in investigating frauds,” Oscar A. Reyes, Jr., president and chief executive officer of G-XChange, Inc., the operator of GCash, told reporters on the sidelines of a press briefing.

The collaboration with NBI will help GCash understand the pattern of frauds, online scams, and other forms of cybercrimes, Mr. Reyes said, adding that this will also help them trace accounts that may use GCash wallets for crimes.

“If there is an account that sends a lot of money and will withdraw immediately. That will help us trace it. That is why it is important that there is a partnership with NBI so that when we talk to other institutions they will cooperate as well,” he said.

Last year, GCash removed over four million accounts in its platform due to engagement in fraudulent transactions and other malicious activities. — Ashley Erika O. Jose