THE Bangko Sentral ng Pilipinas (BSP) announced on Monday that it would investigate popular digital payment platform GCash following reports of unauthorized transfers over the weekend.
The e-wallet attributed the incident to errors in its internal processes.
“The BSP will investigate the incident further to identify possible vulnerabilities and review compliance with regulations and policies,” the central bank said in a statement.
At the same time, the BSP instructed G-Xchange Inc. (GXI), the operator of GCash, to immediately resolve the unauthorized deductions from affected users’ accounts and expedite the processing of refunds.
“The BSP has likewise required GXI to submit regular updates on its actions on the matter,” the statement added. The central bank said it is closely coordinating with the company to ensure a prompt resolution of the issue.
The financial regulator said the incident was attributed to a system error based on the initial report submitted by the Ayala-led company.
“GXI assured [us] that all accounts of GCash users remain secure and that they are now in the process of refunding the deductions,” the BSP said.
The central bank also encouraged affected users to coordinate with GCash for the immediate resolution of their complaints.
