Banks, fintech firms to freeze accounts of text scammers

 Banks, fintech firms to freeze accounts of text scammers

SCAM TARGET Mobile phone users have been advised to be paranoid in dealing with text messages from unknown senders who may be stealing sensitive information by offering nonexistent job opportunities via SMS. —NIÑO JESUS ORBETA

MANILA, Philippines — Banks and financial technology (fintech) companies such as GCash will try to freeze the accounts of scammers and their accomplices as part of measures to stop the text scams currently pestering Filipino mobile users, National Privacy Commission (NPC) Chair Raymund Liboro said in a phone interview.

In the case of e-wallet GCash, Liboro said the company has already implemented the 72-hour quick-freeze policy.

He said it was easier in the case of mobile-linked e-wallets because the phone number is the account number as well.

The direction of the NPC, he said, was for everyone to work toward cutting the financial bloodline of the scammers by freezing their bank accounts as well as…

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