The Bangko Sentral ng Pilipinas (BSP) instructed GCash e-wallet operator, G-Xchange, Inc.(GXI) to immediately resolve the unauthorized deductions on the account balances of some GCash users.
In a statement on Monday, the BSP said that they have required GXI to submit regular updates on its actions. The bank is closely coordinating with the latter to ensure prompt issue resolution.
“Based on the initial report of GXI to the BSP, the incident was attributed to a system error. GXI assured that all accounts of GCash users remain secure and that they are now in the process of refunding the deductions,” the BSP said.
“BSP will investigate the incident further to identify possible vulnerabilities and review compliance with regulations and policies,” it added.
In the meantime, the BSP encouraged affected users to coordinate with the GXI to resolve their complaints immediately.
The announcement came after several e-wallet users complained on social media about the thousands of pesos they lost over unauthorized transactions from the application. Users on social media expressed their dismay at the reoccurring problem within the e-wallet and demanded that their money be immediately returned.
On Sunday, GCash announced they had completed the necessary wallet adjustments for the affected users.
Consumers may also reach out to the BSP Online Buddy (BOB) through any of the following channels: BSP Facebook Messenger at @BangkoSentralngPilipinas and their website at www.bsp.gov.ph
