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Home » DICT has no ability to audit for fintech firms like GCash

DICT has no ability to audit for fintech firms like GCash

With the issue of GCash’s ‘system reconciliation’, the Department of Information and Communication Technology (DICT) has made a statement saying that they do not have any authority to audit fintech firms like GCash.

Dict Gcash

“Kami ho sa pamahalaan particularly ho sa DICT eto rin ho talaga yung problema natin, na private institutions encounter these kinds of [problems]. Hindi ho natin ma-check or hindi ho kami makapasok dahil wala naman tayong regulatory powers over them,” stated by DICT Assistant Secretary Renato Paraiso.

DICT only has the authority to check the system of private institutions.

“Ang nangyari ho sa GCash marami din hong nagsamantala na nagpapadala ho ng mga fake messages in order to get personal information ho doon sa mga clients ho ng GCash, even yung mga financial informations ho nila,” Paraisio commented.

  1. Tito Lee says:

    In short wag mag gcash kasi hindi protected ng government at hindi safe…

  2. Daphne Garcia says:

    I feel like there’s a lot to be said. First and foremost, GCash is a wallet and not a bank. You are not supposed to leave huge sums of money where it is not insured by the PDIC, because the question as to who will be accountable is vague. Second, GCash operates in somewhat unchartered waters, thus, not much regulation is in place to safeguard clients against attacks. Lastly, financial literacy and “opsec” is not widely thought. This sets the bar for scamming really low. There are other alternatives to gcash such as GoTyme that serves the same function but has the protection of regulations.

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