Law enforcement agencies and GCash deepen partnership to reduce impact of financial cybercrime

A strong culture of collaboration between government agencies and the private sector is the best way to significantly reduce the impact of financial cybercrime on our society. This was the statement made during the recent Financial Cybercrime Learning Session organized by the Banko Sentral ng Pilipinas-Payments and Currency Investigation Group, Philippine Center for Transnational Crime and the Philippine National Police (PNP) in collaboration with the country’s leading financial super app, GCash.

The event brought together experts from various government agencies including Bangko Sentral ng Pilipinas (BSP), Department of Justice (DOJ), Department of the Interior and Local Government (DILG), Philippine International Police and Philippine National Police Anti-cybercrime Group (PNP-ACG) to share their insights and best practices in the fight against financial cybercrime.

“The sophisticated tactics used by cybercriminals pose a significant threat to our financial systems and employee safety. Addressing these challenges requires a collective effort, and it is this spirit of cooperation that has brought us together today,” said GCash Legal Counsel Atty. Takahiro Kenjie Aman. “This lecture is part of our ongoing efforts to protect the public and strengthen our defenses against financial cybercrime.”

The event was held at the Police Non-Commissioned Officers Association (PNCO) Club Cespo Building, Camp Crame in Quezon City and featured speakers from the DOJ, the Philippine Center on Transnational Crime, each focusing on local and international procedures in investigating and apprehending cybercriminals, including cybercrime prosecution and litigation, investigation and attribution, data privacy perspective on cybercrime investigation and prosecution, and international coordination for cybercrime warrants. Speakers from GCash also shared the innovative strategies and best practices the company uses to protect its digital ecosystem.

“At GCash, we emphasize the importance of collective responsibility. Cybersecurity requires a united front and collaboration across all sectors to effectively combat cybercrime. We believe that we must foster a culture of vigilance and collaboration between government agencies and the private sector, and across industries, so that we can protect our digital space from evolving threats,” said Migs Geronilla, Chief Information Security Officer of GCash. “This lecture is a crucial step in strengthening our collective efforts to protect the public and create a safer digital landscape.”

In one of the discussions about prosecuting financial cybercrime and digital evidence, Department of Justice – National Prosecution Service Attorney Robin Landicho said: “If private stakeholders like GCash and other companies don’t help and cooperate, how can we move forward in solving cases? There is often confusion about what constitutes data, so it is critical that we understand electronic evidence today. Cybercrime knows no borders, no territory, no race, no gender.”

As the largest digital ecosystem in the Philippines, Rob Real, GCash Group Data Protection Officer and Head of Regulatory Technology, also highlighted the role it plays in protecting user privacy and maintaining trust during financial cybercrime investigations.

“I hope we can understand the interplay between data privacy and financial cybercrime investigations. We have many tools to fight cybercrime and we need to understand its principles and considerations. By implementing robust data protection measures, balancing privacy with legal obligations, and maintaining transparency, GCash can effectively support investigations while maintaining user trust and complying with data privacy standards,” said Atty. Real.

Regarding addressing the legal and collaborative aspects of investigating and prosecuting crimes that occur in the digital domain, DOJ Office of Cybercrime Attorney G.V. Sosa said, “International cooperation and cyber warrants are critical in addressing cybercrime. International coordination ensures that transnational cybercrime is effectively managed through cooperation and shared resources, while cyber warrants provide the legal basis for accessing digital evidence. Both elements are essential to building a comprehensive and effective response to the evolving cyber threat landscape.”

During the event, GCash also highlighted the importance of leveraging advanced tools, investigative techniques and attribution processes to combat cyber threats. This includes the use of advanced technologies such as AI, big data analytics and machine learning.

“Cyber ​​threats continue to evolve and when it comes to cybercrime, we are all exposed. Cybercriminals are highly innovative, adaptable, decentralized and anonymous. It is crucial to understand the tools available and their legal implications. At GCash, we are continuously leveraging technology to effectively investigate and attribute cybercrime, giving millions of Filipinos a safer and more secure digital experience,” said GCash Chief Legal Officer Atty. Dino Regalario.

GCash recognizes that financial cybercrime is on the rise in the Philippines and is committed to working closely with government agencies to protect the public and secure digital transactions. Ultimately, we aim to support law enforcement capabilities in investigating, prosecuting, and preventing cybercrime, thereby creating a better and safer digital nation.