The Bangko Sentral ng Pilipinas (BSP) ordered G-Xchange, Inc. (GXI), the operator of GCash e-wallet, to immediately resolve the reported unauthorized deductions on account balances of affected users and swiftly complete the process of refunds that GXI initiated.
It also required GXI to submit regular updates on its actions on the issue.
“The BSP is closely coordinating with GXI to ensure a prompt resolution of this issue,” it said.
The BSP said that based on the initial report submitted by GXI, the incident was attributed to a system error.
GXI assured that all accounts of GCash users remain secure, and that they are now in the process of refunding the deductions.
The BSP said it would investigate the incident further to identify possible vulnerabilities and review compliance with regulations and policies.
“BSP encourages affected users to coordinate with GXI for the immediate resolution of their complaint. If not satisfied with GXI’s handling, consumers may escalate concerns to the BSP Online Buddy,” the financial regulator said.
