ELECTRONIC wallet giant GCash announced on Sunday that it has resolved system issues that led to missing funds and unauthorized transactions for some users.
“GCash has completed the necessary wallet adjustments to its affected users,” the company said in a statement. “Rest assured that customer accounts are safe, and customer account security will always be our top priority.”
The announcement follows reports on Saturday of missing funds and unauthorized transactions, which GCash attributed to an ongoing system reconciliation process. The company has not yet disclosed the number of users impacted by the system issue.
The Department of Information and Communications Technology (DICT) is investigating the incident, according to Undersecretary Jeffrey Ian C. Dy.
“I spoke with GCash and asked them if this was a hacking incident or a cybersecurity incident and if they need the assistance of the National Computer Emergency Response Team. They assured us that it was not, but the DICT is investigating the issue,” he said in a phone interview on Sunday.
Digital Pinoys national campaigner Ronald B. Gustilo called for appropriate measures to be taken.
“This issue has been long-running, and it seems that despite previous complaints, it has remained unresolved. This is alarming for consumers who put their trust in e-wallet providers to secure their funds. The funds lost due to unauthorized transactions should be returned immediately,” he said in a Viber message.
DICT Undersecretary Dy said that the department is willing to help strengthen GCash’s cybersecurity and that the Bangko Sentral ng Pilipinas (BSP) should consider penalties if negligence is found during the investigation.
Sam Jacoba, founding president of the National Association of Data Protection Officers of the Philippines, emphasized the need for transparency and accountability from GCash.
“GCash needs to show two things in this incident: transparency and accountability. As a leader in their industry, how GCash will handle this current issue will be one of their defining moments,” he said in a Viber message.
Mr. Dy also stressed the importance of enhanced security measures for e-wallets, which are increasingly becoming an alternative to traditional banks.
“They should also invest heavily in their processes and their technology not only for security because if it is true that this is due to reconciliation of accounts, they should make sure that this does not happen again,” he said.
