The Bangko Sentral ng Pilipinas (BSP) is currently investigating a series of unauthorized fund transfers that affected GCash accounts. These funds were reportedly forwarded to other local lenders, and GX-Change Inc.
(GXI), the company that operates GCash, has already reported the incidents to BSP. BSP’s Deputy Governor for the Payments and Currency Management Sector, Mamerto Tangonan, stated that the central bank has initiated an investigation to uncover the facts and determine appropriate action. Additionally, GXI will submit the necessary regulatory report to BSP.
This is a significant issue because GCash, a non-bank financial institution electronic money issuer, has over 79 million users. The BSP has started investigating the matter to determine the facts and take appropriate action. On the other hand, GCash is working with the BSP to resolve the issue.
The affected banks, Asia United Bank and East West Banking Corp., are also conducting their own investigation. With concerns about the security of online transactions on the rise, this incident underscores the need for strong safeguards and regulations to protect consumers’ finances in the digital age. House Deputy Minority Leader Bernadette Herrera has even filed a resolution seeking a congressional inquiry into the matter, indicating the gravity of the situation.