Double-authentication: GCash rolls out new feature to protect customers from phishing attacks

The mobile wallet of Ayala-led Globe Telecom has added a new security measure to prevent unauthorized transactions brought about by phishing and other types of scams.

With the introduction of of the “double authentication” feature, only the account owner has the ability to link his GCash account to a specific device.

“This feature removes customers’ dependence on SMS OTPs which has been exploited by some fraudsters to scam users. It will provide a unique identifier that can’t be phished by scammers. It also provides an additional layer of security to the current SMS OTP,” said Winsley Bangit, chief customer officer at GCash said.

“We never stop innovating to make sure our 71 million users have the safest and most convenient experience when they use the app,” he added.

GCash has also introduced a new product under its GInsure platform, “Online Shopping Protect”.

For just P34 per month, get up to P20,000 in insurance coverage for incomplete deliveries, defective items, accidentally-damaged, or stolen products.

The new offering, which will launch soon on GInsure, is powered by global insurance company, Chubb.

Aside from continuing to beef up its security measures, GCash has also been ramping up its partnership with authorities and regulators to help ensure the whole e-wallet ecosystem is safe for all.