Hontiveros eyes Senate probe on e-wallet issues
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Hontiveros eyes Senate probe on e-wallet issues
MANILA — Senator Risa Hontiveros on Wednesday filed a resolution seeking to conduct a Senate investigation on recent reports of unauthorized transactions or phishing scams targeting e-wallet users.
MANILA — Senator Risa Hontiveros on Wednesday filed a resolution seeking to conduct a Senate investigation on recent reports of unauthorized transactions or phishing scams targeting e-wallet users.
In Senate Resolution No. 1234, Hontiveros said the lawmakers must study the existing rules and regulations governing the financial technology or fintech sector, following incidents of unauthorized transfers or phishing attacks against customers of digital banks like GCash and PayMaya.
In Senate Resolution No. 1234, Hontiveros said the lawmakers must study the existing rules and regulations governing the financial technology or fintech sector, following incidents of unauthorized transfers or phishing attacks against customers of digital banks like GCash and PayMaya.
"Mobile financial services have become a part of daily life for millions of Filipinos, and the fintech sector has been an important driver of economic growth and financial inclusion. GCash alone has an estimated 76 million users who posted P6 trillion worth of transactions in 2022 - that is almost equal to our national budget next year," she said.
"Mobile financial services have become a part of daily life for millions of Filipinos, and the fintech sector has been an important driver of economic growth and financial inclusion. GCash alone has an estimated 76 million users who posted P6 trillion worth of transactions in 2022 - that is almost equal to our national budget next year," she said.
"Kailangan natin ng batas na poprotekta sa kapakanan ng bawat Pilipino na gumagamit ng digital wallets, lalo na kung may scam, hacking o ibang [i]regularidad," the senator continued.
"Kailangan natin ng batas na poprotekta sa kapakanan ng bawat Pilipino na gumagamit ng digital wallets, lalo na kung may scam, hacking o ibang [i]regularidad," the senator continued.
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(We need a law that will protect the welfare of every Filipino who uses digital wallets, especially when there is a scam, hacking, or other irregularities)
(We need a law that will protect the welfare of every Filipino who uses digital wallets, especially when there is a scam, hacking, or other irregularities)
Hontiveros specifically mentioned the recent issue of GCash where a number of its users reported having their money sent to multiple people with unknown phone numbers.
Hontiveros specifically mentioned the recent issue of GCash where a number of its users reported having their money sent to multiple people with unknown phone numbers.
GCash earlier explained that on November 8, a "produced issue" forced it to go through a "system reconciliation process". Ernest Cu, CEO of Globe, also stated that no funds were lost in a recent glitch since the affected accounts were "restored" within 24 hours.
GCash earlier explained that on November 8, a "produced issue" forced it to go through a "system reconciliation process". Ernest Cu, CEO of Globe, also stated that no funds were lost in a recent glitch since the affected accounts were "restored" within 24 hours.
The Department of Information and Communications Technology (DICT) said they are 80% confident that what happened to GCash was likely an internal issue and no external hacking was involved.
The Department of Information and Communications Technology (DICT) said they are 80% confident that what happened to GCash was likely an internal issue and no external hacking was involved.
Hontiveros meanwhile mentioned another case where phishing attempts are disguised as official text messages from GCash and PayMaya, saying the risks that e-wallet users face just grow every day.
Hontiveros meanwhile mentioned another case where phishing attempts are disguised as official text messages from GCash and PayMaya, saying the risks that e-wallet users face just grow every day.
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"We urgently need upgraded policies to ensure that mobile financial service providers and fintech firms observe the necessary level of care and accountability in handling digital transactions,” she stressed.
"We urgently need upgraded policies to ensure that mobile financial service providers and fintech firms observe the necessary level of care and accountability in handling digital transactions,” she stressed.
"Kailangan natin aksyunan ang daing ng mga kababayan nating biktima ng scam o hacking sa mobile financial services, na tila walang mahingan ng tulong sa pagbawi ng natangay nilang pera," she stated.
"Kailangan natin aksyunan ang daing ng mga kababayan nating biktima ng scam o hacking sa mobile financial services, na tila walang mahingan ng tulong sa pagbawi ng natangay nilang pera," she stated.
(We need to take action to help our fellow Filipinos who are victims of scam or hacking in mobile financial services, and seemingly receive no help to regain their lost funds)
(We need to take action to help our fellow Filipinos who are victims of scam or hacking in mobile financial services, and seemingly receive no help to regain their lost funds)
Aside from the Senate probe that Hontiveros is proposing, DICT and Bangko Sentral ng Pilipinas (BSP) are already conducting a joint investigation on the GCash incident. The National Privacy Commission (NPC) will also hold a separate investigation.
Aside from the Senate probe that Hontiveros is proposing, DICT and Bangko Sentral ng Pilipinas (BSP) are already conducting a joint investigation on the GCash incident. The National Privacy Commission (NPC) will also hold a separate investigation.
"We must implement a system that enhances regulatory oversight over the fintech sector, so Filipinos can trust that their hard-earned money is safe - even online!" Hontiveros added.
"We must implement a system that enhances regulatory oversight over the fintech sector, so Filipinos can trust that their hard-earned money is safe - even online!" Hontiveros added.
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