The Securities and Exchange Commission (SEC) and GCash have renewed their partnership to intensify efforts against digital financial scams, online fraud, illegal investment schemes, and other fraudulent activities.

The renewed Memorandum of Agreement (MOA), first signed in September 2023, strengthens coordination between the SEC Enforcement and Investor Protection Department and GCash in investigating suspected financial offenses involving the digital platform.

SEC Commissioner Rogelio Quevedo said the partnership enhances information sharing, facilitates investigations, and strengthens enforcement against individuals and entities behind fraudulent and unauthorized investment schemes.

Oscar Enrico Reyes Jr., president and CEO of G-Xchange Inc., GCash’s mobile wallet operator, said the renewed agreement reinforces the company’s commitment to protecting users and preventing the misuse of its platform.

The SEC and GCash also urged the public to verify the licenses of investment and lending companies with the SEC or Bangko Sentral ng Pilipinas before transacting. Offers promising guaranteed returns, aggressive recruitment schemes, and loans requiring upfront processing fees were identified as warning signs of possible scams.

GCash reminded users never to share passwords or MPINs and cautioned against opening suspicious links, emphasizing that the platform does not send messages containing links.

Customers may report suspicious activities or unauthorized transactions through the GCash Help Center, Gigi chat support, or hotline 2882. Scam incidents may also be reported to the Philippine National Police Anti-Cybercrime Group through acg@pnp.gov.ph.

The renewed partnership underscores the importance of cooperation between regulators and digital financial service providers in protecting consumers and promoting safer online transactions.