GCash assures up to P100,000 compensation in case of fraud

    MANILA, Philippines – Worry no more as GCash, powered by fintech startup Mynt and Globe Telecom, increased peace of mind of its users when using the app with the launch of its Customer Protect program.

    GCash launches Customer Protect program
    From left: GCash chief data officer JF Darre, GCash head of Risk Decision Center Peach Orbe, GCash lead for Customer Protect Miggy Santos, GCash chief marketing officer Chris Manguera, and GCash chief corporate affairs Officer Ney Villaseñor.

    As announced in recent press briefing in Taguig City, Mynt said users are now assured of compensation for unauthorized financial transactions on their GCash app, GCash on Messenger or GCash Mastercard platforms arising from instances such as stolen mobile phones or identity theft.

    A user should file a report regarding any irregular transaction—such as unauthorized withdrawals or point-of-sale (POS) purchases—on GCash’s official customer care channels within 15 days from the date of the said transaction. Eligible and valid disputes can be reversed for amounts of up to P100,000.

    “The GCash Customer Protect program is a recourse that our valued users can take should they unfortunately fall prey to physical or virtual theft,” said Anthony Thomas, GCash president and chief executive officer.

    At the same time, the Customer Protect program is a campaign for increased cybersecurity awareness and education, especially regarding full verification of one’s GCash account. “It is extremely important for users to comply with the verification process of GCash based on the Know-Your-Customer (KYC) mandates of the Bangko Sentral ng Pilipinas,” explained Thomas.

    Full verification on GCash requires a user to establish legitimate identity through submission of valid government identification cards and a selfie, as well as a series of mobile phone and contact information verification.

    Fully verified GCash users can receive compensation of the actual amount of unauthorized transactions not exceeding P100,000. Semi-verified users can receive compensation up to P10,000 while basic users can receive up to P2,000.

    “Our intelligent risk management approach remains to be the first line of defense in protecting our users,” said Thomas. “Using our advanced risk capabilities, we analyze and monitor transactions round-the-clock to detect and prevent fraudulent activities.”

    “Our Customer Protect program is an added benefit we extend to GCash users for their enhanced peace of mind and maximum enjoyment of the advantages that a fully digital lifestyle brings,” he concluded.

    — The Summit Express
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