What to Do When Your E-Wallet Security is Compromised

With the recent GCash glitch highlighting security concerns of digital finance platforms once again, users are growing increasingly aware of vulnerabilities in e-wallets and other financial services online. While the country’s many platforms work to safeguard their systems from cyber threats, it’s essential to know the steps to take if your account security is compromised.

Report to the Platform

The first step is to immediately report the incident to the concerning platform. Contact their customer support and document the incident with as much detail as possible. Although platforms typically have transaction records, keeping your own copies of receipts and transaction history is crucial.

Follow up regularly to ensure your report is being handled promptly.

If you’re contacting them via email, consider copying relevant authorities, such as the Philippine National Police Anti-Cybercrime Group (PNP ACG) and Bangko Sentral ng Pilipinas (BSP). This keeps official agencies informed and may expedite the process if further action is needed.

Report to Authorities

Beyond informing the platform, report the incident to local authorities as well. They can offer support and open a formal investigation if necessary. The PNP Anti-Cybercrime Group (PNP ACG) can be reached at (02) 8723-0401 (loc. 7491) or 0968-867-4302. The BSP, which oversees financial systems in the Philippines, can also be contacted at (+632) 8811-1277 (8811-1BSP) for advice and assistance.

Make sure to follow up often as well, as these institutions also safeguard and are investigating matters regarding the financial security problems people other than yourself are experiencing also.

Take Security Matters into Your Own Hands
In addition to reporting, take immediate steps to secure your account. Enable two-factor authentication if it isn’t already, and change all passwords associated with the compromised e-wallet account.

If there’s any remaining balance in the account, transfer it to a secondary, uncompromised account as a precaution. Deactivate any linked services and connected accounts that you don’t actively use, and consider minimizing the information stored on the e-wallet platform to reduce future risks.

Protecting your finances requires prompt action and proactive security measures. By reporting incidents swiftly and implementing strong security practices, you’ll minimize potential damage. Malicious elements are always on the prowl and are getting more technologically sophisticated as well, so make sure you’re always a step ahead in safeguarding your digital accounts. (GFB)