Following all the events that happened to GCash this week, where the use of phishing links is seen as the primary cause of the foiled hack attempt, Senator Win Gatchalian urges all e-wallet users, not just those using GCash, to report any suspicious or unauthorized transactions immediately.

“Incidents like this (GCash) diminish the confidence of consumers not only in using and adopting fintech in their daily transactions but also in the country’s financial system in general, which could potentially impede economic growth,” Gatchalian said in a statement.

With that in mind, Gatchalian reminds everyone that enhanced consumer protection is the main objective of R.A. 11765, which  is also known as “An Act Affording More Protection to Consumers of Financial Products and Services.” As the co-author of the said act, Gatchalian emphasized that victims should immediately report any unauthorized transaction to their financial institution so it can investigate the incident.

While the BSP is already conducting its own investigation on the GCash hack attempt, Gatchalian reminds everyone that complainants are protected as the concerned financial institutions are empowered to take necessary actions to protect the consumers’ interest. These include actions like account blocking or freezing of funds.

With that in mind, Gatchalian emphasized that all fintech platforms should be proactive in ensuring their platform is safe against hacking, fraud, and other cybercrimes.

“Kailangang siguruhin ng mga online payment services ang kaligtasan at seguridad ng pinaghirapang pera ng mga consumers para magkaroon ng kompyansa ang ating mga kababayan,” Gatchalian said.

GCash does have a way to let users report if they have been scammed or noticed any unauthorized transactions–you can read our guide on that here.