The Bangko Sentral ng Pilipinas (BSP) is addressing recent reports of unauthorised deductions from GCash user accounts.
G-Xchange, Inc. (GXI), operator of the GCash e-wallet, has been directed to resolve the issue promptly and refund affected users.
GXI’s initial report to the BSP attributes the incident to a system error that resulted in unauthorised transfers to accounts at East West Bank and Asia United Bank (AUB), bypassing security measures like one-time passwords (OTPs).
The company shared that it is actively working to reverse these transactions and has reportedly completed the reversal process for affected users.
GXI also assured the BSP and its customers that the GCash platform remains secure and fully operational.
The BSP has mandated that GXI provide regular updates on the ongoing refund process and their efforts to address the situation.
A thorough investigation is underway to determine the root cause of the system error and evaluate GXI’s compliance with existing regulations and policies.
Affected users are encouraged to contact GCash customer support for immediate assistance.
If concerns remain unresolved, users can escalate their complaints to the BSP through their online channels, including Facebook Messenger @BangkoSentralngPilipinas and the official website.
Featured image credit: Edited from Freepik
