The Philippine Central Bank is now stepping in after a recent system error on GCash, which led to unauthorized deductions.
BSP has instructed the G-Xchange, Inc. (GXI), operator of the GCash e-wallet, to immediately fix the reported unauthorized deductions and quickly process related refunds. An investigation will also be conducted to determine other vulnerabilities and review compliance with regulations and policies.
“BSP is closely coordinating with GXI to ensure a prompt resolution of this issue,” said in a statement.
The unspecified system error caused horror to numerous GCash users. Among many, actress, singer, host, and comedian Pokwang shared on social media her frustration after losing her money.
She mentioned that unauthorized transactions were made by 30 mobile numbers, all of which unregistered. She also questioned the SIM policy – referring to the SIM Registration Act. It was signed on October 10, 2022 and commenced by December 27, 2022.
On Sunday, GCash said that it has completed the necessary wallet adjustments for affected users. The platform promised to work with relevant law enforcement agencies to investigate the incident.
According to BSP, affected users should coordinate with GXI. If they are not satisfied with GXI’s handling, they may escalate their concerns to the BSP Online Buddy (BOB) through the BSP Facebook Messenger at @BangkoSentralngPilipinas and the BSP website.
