The Bangko Sentral ng Pilipinas (BSP) said it is investigating a system error at GCash, the leading e-wallet platform in the country, which resulted in unauthorized deductions from user accounts over the weekend.
In a statement late Monday, Nov. 11, the BSP said that it had instructed G-Xchange, Inc. (GXI), the operator of GCash, to promptly resolve the issue and initiate the refund process for all affected users.
GCash already assured its users that all funds had been restored. Depsite this, BSP said that it is closely working with GXI to ensure a swift resolution to the problem.
GXI attributed the incident to a system error and assured the BSP that all GCash accounts remain secure.
Ernest Cu, president and chief executive officer of GCash’s parent company, Globe Telecom Inc., also stated that all incorrectly debited funds were returned to users within 24 hours.
"It was a reconciliation issue that led to some wallets being mistakenly debited," Cu explained during a virtual news briefing. “What is important to highlight is that all errors were rectified quickly, and no consumer lost any funds."
The incident raised concern among GCash users, with many taking to social media to report unauthorized transactions.
Celebrity comedian Pokwang reported losing P85,000 from her account. GCash confirmed that they have identified and contacted all affected customers.
The BSP is now encouraging users who are not satisfied with GCash's resolution to escalate their concerns to the BSP Online Buddy (BOB) via its website or Facebook Messenger.
The BSP said that its investigation aims to identify potential system vulnerabilities and evaluate GCash's compliance with regulations and policies.