The Bangko Sentral ng Pilipinas (BSP) has ordered G-Xchange, Inc. (GXI), the operator of the GCash e-wallet, to swiftly resolve unauthorized deductions reported by users and complete ongoing refunds without delay.
The directive follows a wave of complaints from GCash users, prompting the BSP to issue a statement on November 11. "The BSP has instructed GXI to immediately resolve the reported unauthorized deductions on account balances of affected GCash users and swiftly complete the process of refunds," the central bank stated.
System Error Behind the Incident
According to the BSP, initial findings from GXI indicate that the deductions were caused by a system error. GXI assured the public that users’ accounts remain secure and that refunds are already being processed.
The BSP emphasized that it is closely coordinating with GCash to ensure a swift resolution. It has also required GXI to submit regular updates on their progress and will conduct further investigations to identify potential vulnerabilities and evaluate compliance with regulatory policies.
Public Encouraged to Seek Resolution
The BSP advised affected users to contact GXI directly to resolve their concerns and offered additional support through its BSP Online Buddy (BOB) on Facebook Messenger (@BangkoSentralngPilipinas) and its official website.
Refunds in Progress
On November 9, GCash began notifying affected users via text, urging them to change their MPINs and assuring refunds within 24 hours. Among those affected was actress Pokwang, who revealed on social media that ₱85,000 was stolen from her account by approximately 30 unregistered cellphone numbers.
GCash has reiterated its commitment to maintaining platform security and providing compensation for the affected users. The BSP’s proactive oversight aims to safeguard consumer trust in digital financial services while addressing the incident comprehensively.
This incident highlights the importance of robust system safeguards and swift corrective action in protecting user accounts as digital payments continue to rise in the Philippines.
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