Maya Philippines, Inc. and GCash have identified ransomware, phishing, and artificial intelligence (AI)-enabled attacks as among the biggest cybersecurity threats facing their platforms and consumers, according to a report by BusinessWorld. Jan Martin Encina, Maya Philippines’ director of information security, said the fintech company’s consumers are increasingly targeted by sophisticated attacks.
Both companies are integrating AI-based mechanisms to combat these threats. GCash has also reported similar trends, with phishing and ransomware attacks becoming more frequent and harder to detect. The e-wallet giants are investing in advanced security systems to protect user data and transactions.
The rise of these threats underscores the need for robust cybersecurity measures in the Philippines’ growing digital payments sector. As mobile wallets become more popular, companies are prioritizing security to maintain consumer trust and prevent financial losses.