E-wallets Security

GCash Denies Hacking Claims, Adjusts Users’ Balance After Unauthorised Deductions

Philippines’ mobile wallet GCash set out to reassure its 81 million users that no funds have been lost from their app following multiple reports of unauthorised deductions from their personal accounts.

Earlier reports said that close to PHP 37 million (approximately US$660,000) of its users’ funds were allegedly stolen by hackers. The unauthorised transfers was said to range from PHP 1,500 to PHP 47,000.

The funds from the affected GCash accounts were reportedly transferred to accounts under Asia United Bank (AUB) and East West Banking Corp. (EWB).

GCash denied claims of hacking though it did admit to receiving complaints from its customers about the matter. GCash did not disclose why its users lost their funds though.

The e-wallet experienced a temporary downtime yesterday and by three in the afternoon, GCash had adjusted the funds that were lost from its users.

GCash advisory here! We have already adjusted the e-wallets of the affected GCash users and the app is back up so you may now safely proceed with your regular transactions. We apologize for the temporary downtime. Thank you for your patience and understanding. pic.twitter.com/PQa7RDClbk

— GCash (@gcashofficial) May 9, 2023

GCash said in a statement,

“We wish to reiterate that our customers did not lose their funds on Gcash. The app is now up for service so you can safely proceed with your regular transactions.

Rest assured, your funds are intact, safe and secure with GCash. Our proactive cybersecurity policies are in place to protect our customers as the safety and security of your account is our top priority.”

The e-wallet also reminded its users to never share their MPIN (mobile personal identification number) and OTP (one-time pin) with anyone.

According to Philstar Global, the Bangko Sentral ng Pilipinas (BSP) is currently looking into the matter to investigate the alleged unauthorised transfers from GCash users’ accounts to the two banks.