ELECTRONIC wallet platform GCash has launched in-app one-time passwords (OTPs) to strengthen account security against phishing, scams, and fraud.
“Our upgrade to In-App OTPs is a strategic move to place an end to phishable SMS OTPs. We’ll shift users to fast, GCash app-verified authentication, to extend the safety of their each day transactions,” GCash Chief Information Security Officer Miguel Geronilla said in a media release on Monday.
By the primary quarter, users will receive OTPs directly through secure push notifications throughout the GCash application, as a substitute of via text messages, the corporate said.
GCash said SMS-based OTPs have been a frequent goal of scammers searching for unauthorized access to user accounts, adding that in-app OTPs are designed to deal with these vulnerabilities.
“By sending OTP requests on to the user’s authenticated GCash app, GCash ensures that only the intended users can receive and use the unique OTPs, protecting them from unauthorized access,” the corporate said.
GCash also said the brand new system allows one-tap authentication, eliminating the necessity for users to change applications or wait for OTPs delivered through text messages.
“In-App OTPs reflect commitment of GCash to providing secure, seamless financial services for its thousands and thousands of users and set a brand new benchmark for digital finance security within the Philippines,” it said.
In December, Globe Telecom, Inc. and GCash announced the completion of initial tests for the implementation of a silent authentication system.
A silent authentication system verifies users through a secured network, replacing the necessity for one-time passwords.
Globe Fintech Innovations, Inc. (Mynt), the operator of GCash, is a partnership amongst Globe, Ayala Corp., and Ant International, a digital payments, digitization, and financial technology provider.
Last yr, Globe and Bank of the Philippine Islands also announced that they’re developing a proof of concept for silent network authentication to combat fraud.
The technology verifies a user’s identity by checking whether the mobile number provided matches the SIM card lively in the present data session, Globe said, describing it as a robust layer of defense against phishing and other SIM-based fraud.
On the local bourse on Monday, shares in Globe closed unchanged at P1,620 each. — Ashley Erika O. Jose