But as the use of e-wallets and online payment channels have become increasingly popular and indispensable, scams have evolved to be much more sophisticated. A common scam is done through phishing, wherein a fraudster gathers personal information like MPINs and OTPs, and uses this to gain access to accounts and steal the funds of the user.

Targeting users of leading e-wallet platforms, phishing scams happen not just through text messages, but also through call and social media platforms. While trusted financial institutions such as GCash double up on their security measures through security features such as DoubleSafe Face ID against cybercrimes, it is also helpful to be aware of new scams, how they work, and warning signs to catch them early. Here are common phishing scams e-wallet users should look out for:

• ‘Magtop-up para sa online gambling’ phishing scam

It’s very tempting to earn extra income while having fun, but that could be the opposite if you find yourself a victim of scammers that pose as online gambling sites. This phishing scam involves fraudsters leading players to a non-PAGCOR licensed gaming provider, where they will be asked to ‘top-up’ using a fake GCash portal, often using the same layout, color and logos, to retrieve credentials and access the victim’s account. 

How do you spot this? 

When you create an account with suspicious gambling sites, you will be given the option to use  your GCash account so you could top up your account. You will be redirected to a fake website that looks like a GCash portal, and will be prompted to enter your mobile number, OTP and MPIN. Once you’ve provided your information, hackers will now be able to access your account.

How could you stop this?

When asked to link your GCash account, always check the URL or name of the link to make sure you are on the GCash portal. Legitimate GCash portals begin in https:// and only end in ‘gcash.com’ while suspicious portals may have a series of numbers in the beginning, extra characters, and have misspelled words (ex. Gccash vs GCash). 

 

When requesting an OTP, always read the SMS to make sure you are not unknowingly linking a foreign device to your account. Never share your MPIN and OTP to anyone, including suspicious online gaming sites.

• ‘Nakahold ang account mo’ phishing scam
  
  

  

While there are scams that exploit different forms of entertainment, there are also those that cause panic and simulate emergency situations. The ‘Nakahold ang account mo’ phishing scam involves fraudsters pretending to be from legitimate financial institutions and making up negative consequences to encourage users into immediately providing their sensitive information.

How do you spot this? 

The fraudster will contact you, either through a phone call or social media platforms, and will claim to be a GCash employee, telling you that your account is on hold or frozen. They will then tell you that you can only have your account activated by sharing your MPIN and OTP. Once they have this information, they can gain access to your account and steal your funds. 

How could you stop this?

GCash will never ask you to activate your account through a phone call or through messaging applications. All transactions are only done through the official GCash app, including resolving concerns related to your account.

If a notice feels rushed, it’s most likely a phishing scam! Check your account through the GCash app first to confirm if it is indeed on hold and don’t share your MPIN and OTP to anyone – even those who claim to be from GCash. Remember that GCash will never ask these details from you.. 

• ‘Nanalo ka ng prize!’ Phishing Scam

Remember those earlier text scams telling potential victims that they've won a raffle and asking them to send a processing fee to be able to claim a prize? Just like this, a third phishing scam also notifies potential victims that they’ve won prizes to a GCash raffle they did not join. However, instead of asking them for a fee, this involves using a seemingly legitimate link to gain your credentials and access your account. 

How do you spot this? 

The fraudster, pretending to be from GCash, will send you an SMS or email saying you’ve won a reward, cashback or prize. You will be directed to click a link to claim the prize, leading to a fake website that looks like a GCash portal. Once you enter your mobile number, MPIN and OTP, your account can now be accessed by the cyber criminals.

How could you stop this?

Remember that GCash will never send links via SMS, email and messaging apps and all legitimate rewards and promos will only be communicated through the official GCash app, so never click on links and never share your MPIN and OTP to anyone. Always make it a habit to check any SMS or email you receive. Any communication from an unexpected or unfamiliar sender with an offer that’s too good to be true is usually a phishing scam.

Cybercriminals will continuously find ways to become more creative with their tactics and remain unsuspicious and realistic. Even if you might think you are not worthy of being the target of online predators, being a technology user will always put you as a potential target of any attack, especially if you’re one of the millions of user base of a leading e-wallet app like GCash. 

Fortunately, you have one of the best defenses against any phishing scam: you. Now that you are aware of how common phishing scams work, doing your part to protect your e-wallet account only takes a simple action: Do not ever share your MPIN and OTP.

Such is the case of Cocoy Rubio, who only had PHP 700 pesos when he started his mobile bike cafe business, fresh out of being laid off as a bartender for six years. Taking a leap of faith, Cocoy used GCash to easily purchase supplies and enable customer payments, eventually building what is now known as The Bike Coffee in Cagayan de Oro. Cocoy’s journey of determination and grit is only one of the stories of the 70 million Filipinos who use GCash, retold through the #GCashStories digital series. [EMBED/LINK VIDEO]

Just like Rubio, many Filipinos aspire to start their own business, but are held back by the lack of starting capital. To fund their enterprise or expand their existing ventures, Filipino business owners consider seeking loans from formal lending institutions, such as traditional banks. However, a report from the Bangko Sentral ng Pilipinas (BSP) shows only 56% of Filipinos are banked or own formal bank accounts, making access to resources greatly limited. 

The BSP also reports that 65% of adult Filipino borrowers perceive loan application from banks as difficult. Most lack the necessary documentary requirements, do not have enough IDs, do not meet the minimum salary or income, and do not have collateral to support their application.

GCash introduces easier way of borrowing cash with GLoan

As the nation strives to bounce back, GCash inspires Filipinos to take a step towards funding their future by providing a more accessible and convenient way of borrowing money without judgment. To provide more Filipinos with easy access to extra funds, GCash offers GLoan, its cash loan product. This offers a credible and easier alternative to traditional banks and other formal lending agencies without sacrificing their safety. 

GLoan allows eligible GCash users to borrow up to PHP 125,000 cash sent straight to their GCash wallet, which can be used for multiple purposes, whether for restocking supplies, upgrading equipment, funding rental fees and even enrolling for a course that will help them upskill. 

While typical traditional bank approvals take multiple days or months, GLoan offers instant approval for eligible users with no additional requirements needed. As GLoan eligibility is predetermined, there is no need for users to disclose their financial situation through income documents and trade references. Loan applications can be accomplished within the app, minimizing the need for face-to-face transactions, filling out application forms or submitting physical documents.

Eligible GCash users who wish to avail GLoan can choose their loan amount from P1,000 to a maximum of P125,000, and receive it straight to their GCash wallet. With competitive interest rates as low as 1.59% per month for 5-24 months, GLoan provides the same credible and secure experience of loaning from banks. 

To be eligible for GLoan, users must have a fully verified GCash profile and must maintain a qualified GScore, which is the app’s trust rating reflecting their GCash activity. Increasing or maintaining one’s GScore can be done by maintaining an active GCash wallet balance, regularly using different GCash services and paying dues early or on time.

Inspired by Cocoy and ready to start your biz? Sagot ka namin. Access GLoan through the GCash dashboard under “Borrow.” Download the GCash app on the App Store or Google Play now and jumpstart your dreams. Kaya Mo, I-GCash mo.