Rian Gabriel Fuentes

After multiple complaints of unauthorized transactions on social media, Philippines’ top finance app GCash and the Bangko Sentral ng Pilipinas (BSP) has issued immediate press releases about financial loss solutions on November 9 and 11, respectively. 

Photos Courtesy of STL Partners/Rappler.

GCash has not issued a statement on their official website, but has reached out to local media instead. 

In their message, many were impacted due to errors in their ongoing system reconciliation process. 

“This incident was isolated to a few users, and we assure our customers that their accounts are safe,” they added. 

In a November 11 press release by the BSP, they claimed to have already instructed GCash e-wallet operator G-Xchange (GXI) to swiftly mitigate the unauthorized withdrawals on the accounts. 

“BSP will investigate the incident further to identify possible vulnerabilities and review compliance with regulations and policies,” the BSP added. 

If unsatisfied with GXI’s handling on immediate resolution, the BSP has further stated to escalate their concerns to the BSP Online Buddy through Facebook, Messenger, and their website. 

This is not the first time GCash faced this type of controversy as they also faced similar unauthorized transaction complaints back in May 2023. 

They have shut down allegations of “fund loss” and “hacking” by citing that the amount will be reflected on their affected accounts later that day.