Unreliable fintech software
In the bleak landscape of a future Philippines, the promise of a cashless society has crumbled into dust, buried beneath the weight of unreliability and deceit. Here, fintech software, once hailed as the harbinger of progress and convenience, has become a nightmare of incompetence and exploitation:
As Filipinos struggle to embrace a digital future, they find themselves mired in a quagmire of connectivity problems and service outages that render digital payment systems little more than a cruel joke. Everyday transactions are thrown into disarray, as unreliable networks and malfunctioning platforms conspire to rob them of their hard-earned money and precious time.
But the greatest threat comes not from the failings of technology, but from the malevolent forces that lurk in the shadows of cyberspace. In this digital wilderness, cybercriminals roam freely, preying on the unsuspecting and the vulnerable with impunity. Scams and hacking activities run rampant, their perpetrators emboldened by the chaos and confusion that reigns supreme.
And yet, even as the fabric of society unravels, fintech platforms remain steadfast in their commitment to frictionlessness over security. In their relentless pursuit of frictionless transactions, they sacrifice the safety and security of their users, leaving them exposed and defenseless against the onslaught of exploitation and fraud.
In this dystopian nightmare, Filipinos are led astray by the siren song of convenience, lured into a trap of debt and despair by the false promises of easy money and instant gratification. With no guidance or support to navigate the treacherous waters of the digital world, they are left to fend for themselves in a landscape fraught with danger and deception.
All that Anton needed was money for his father's hospital bill. But when he couldn't pay it on time, the texts, calls, and messages began to come...
PHL post : - We regret to inform you that we are unable to deliver your parcel due to lack of address.
Update address at phlpostlegov.top/ph
(Please reply with Y and then exit the text message and open it again to activate the link.)
Selected Quotes
Also...if scams are made to flourish. Because technically, GCash doesn't lose anything if a person gets scammed. They do get this negative connotation, that "Ah, na-scam ako in GCash. "[T]he thing about it, people don't actually put the blame on GCash, because GCash is just a tool. But the thing is, the tool allows that to happen. So...you should blame GCash. Again, it's a shared responsibility. But GCash doesn't really lose anything, so they don't have anything to gain by preventing them. So if it's just a waste of money, and if they may lose customers by making it more secure...again, the spectrum that I mentioned earlier, it's easy to use, but unsafe, or safe, but hard to use. So if GCash decided to pivot from easy to use, to hard to use, they're gonna lose customers or new customers. It could lead to churn. They don't want that as a business. They're gonna have no benefit for that. So I hope they don't do that.
...So yeah, I mentioned scams. I think the next worst case there is...since I assume that lots of our money will be in the digital space in the next few years, it's really prone to [scams] or hacking. Even until now...lots of hacking is being tried and automated. So it's gonna increase...it's a trend. Trend siya in a way na, as finance matures, or as [the company grows] (kasi fintech kami, diba), very common yung...hacking this vulnerability. So the fact that we're growing, [magpatuloy] lagi iyon kasi nandyan lagi yung threat. So, nandyan yung threat of terrorism, money laundering, crime. So, mag-i-include siya, kasi dumadami na rin yung ways ng criminals to do crimes through technology. Mas marami na yung opportunities, mas marami na rin ng opportunities to do crime. So ganoon yung direction.
Okay, my main thing with finance is like I mentioned, I want a cashless environment. But is the Philippines the right country for that? Like, yeah, I'm cashless, and then what? Oh, my signal dies. Oh, GCash is down. How am I gonna pay for my meal? Yeah, [problems like that,] but on a larger scale...like as in, everyone's cashless now.
Probably the Philippines would be in even more debt, people are broke and on loans all the time. Basically nobody knows where the money is coming from.
It's occurring right now in China, where you can, I believe, hundreds and the magnitude of hundreds loan apps that people can take, and it's made very easy. For the sake of abstraction, I'm not so sure about the details, but you can have a single ID and then loan like from 10 different apps, a huge amount, let's say hundreds of thousands of vessels worth. And you had no idea, how difficult it would be to pay it back. The idea would just [be like], "Oh, I have money now." And for those untrained on finance, that is a very possible thing. It's already really happening in China right now, when I believe it's the younger millennials and Gen. Z, that whenever they see this way of loaning, it's seen as free money, [with] no consideration of paying it back. That could also happen, and interest will be the ones killing these people. You get a massive loan, massive interest rate, you don't take a look at it, and because it's made so easy, and they could even take advantage of you. You're gonna be in debt for life.
