GCash cautions users against selling accounts as “money mules”

GCash issued a stern warning against users who sell or lend their accounts as it continues to intensify its fight against scammers and other cyber criminals.

According to GCash, these accounts are considered as money mules wherein they are used by scammers to receive stolen or illicit money and obscure the source of funds while keeping the criminals’ identity secret. While some money mules are aware that what they’re doing is
illegal, others are more unwitting.

GCash also said that they have been receiving reports from authorities that fraudsters are now going to impoverished or rural areas and offering individuals PHP 150USD 3INR 217EUR 2CNY 19 – PHP 500USD 9INR 722EUR 8CNY 62 if they register to GCash using their phones and their identities. The SIM cards and the GCash accounts are then turned over to the buyer, who then sells them to other scammers.

“According to authorities, persons whose identities were used in scams also face jail time if it’s proven that these individuals voluntarily sold their accounts,” said Ingrid Beroña, Chief Risk Officer of GCash. “That’s why we strongly urge our customers to never sell their GCash accounts to avoid identity theft and get their name linked to fraudulent activities without their knowledge.”

GCash has been working closely with the Philippine National Police Anti-Cybercrime Group (PNP-ACG) to clamp down on this fraudulent practice. Likewise, it has also been in close coordination with other authorities like the Criminal Investigation and Detection Group (CIDG), the National Bureau of Investigation Cybercrime Division (NBI-CCD), the Securities and Exchange Commission (SEC), and the Cybercrime Investigation and Coordinating Center (CICC).

Thanks to its partnership with authorities, to date, GCash has already helped cause the arrest of six sellers of verified wallets with a total of 741 SIM cards confiscated.