GCash has proven itself to be one of the most widely adopted cashless payment systems in the Philippines since its launch way back in 2004. With around 60 million users to date, the name GCash has become a household name as a payment system.

While the fintech platform is taking necessary steps to protect users against bad actors, GCash, unfortunately, is a system that is not without its loophole—often, rooting from users who fail to exercise due security of their accounts. This includes entrepreneurs who offer cash-in services with GCash who could fall victim, if not applying prudence to their business.

In a post shared on Facebook by Cam’z Jerico Kirk Hammet, a new fraudulent scheme came to light, showing how small store owners can be tricked into getting their account hacked unwittingly and lose their funds in the process.

The mode of operation is as follows—The scammer is cashing in a small amount of GCash load (say, Php100). Upon closure of the app, the scammer will then proceed to ask the store owner for a picture of the transaction’s confirmation.

But since the app is already closed, the store owner will instead opt to show the text message containing the information being asked. By such time, the store owner’s phone number is already revealed and a one-time password (OTP) would have popped up, enabling an accomplice to log into the account and steal the funds inside.

To prevent this from happening, make sure to take a screenshot of every transaction you make, so you don’t have to show anyone the text messages.

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  1. This is one of the best examples of how a successful and new FinTech product works on the market. Now more and more companies are launching their applications or software in this sector, which is impressive