The National Privacy Commission (NPC) said Wednesday it will initiate an independent investigation following an email from electronic wallet GCash on Nov. 11, 2024.
GCash asserted there was no data breach or compromise of user credentials related to the recent unauthorized transactions resulting in lost funds for some users.
The e-wallet giant assured the NPC that customer data remained secure. The NPC said, however, it would proceed with the investigation under the Data Privacy Act of 2012 (DPA) to confirm these claims.
The investigation will verify the absence of a personal data breach, ensuring transparency and accountability in the protection of GCash users’ personal information, it said.
The NPC said its authority is focused on the protection of personal data, as defined under the DPA.
While the NPC focuses on the privacy implications of the incident, it advises users with monetary concerns to reach out to financial regulatory agencies.
The Bangko Sentral ng Pilipinas (BSP) earlier directed G-Xchange, Inc. (GXI)—GCash’s operator—to swiftly resolve the reported unauthorized deductions and ensure refunds to affected users.
The BSP confirmed that GXI reported a system error as the cause of the incident and started refunding impacted accounts.
The central bank said it is closely monitoring GXI’s actions, requiring regular updates and coordinating efforts to safeguard users’ funds.
Meanwhile, GCash said it continues to expand by teaming up with partners worldwide. It said it partnered with Island Pacific Seafood Market, a top Filipino supermarket in the United States to bring digital financial inclusion to Filipinos worldwide.
With over 20 stores in California and Nevada, the Island Pacific Seafood Market is a fixture in Filipino communities in the US. The partnership will equip the supermarket with GCash services such as digital payment tools and International Bank Cash-In.
“This partnership is special to GCash as we mark two momentous occasions—the Filipino American History Month, and our 20th anniversary,” G-Xchange president Ren-ren Reyes said at the sidelines of the signing of the memorandum of understanding in San Francisco.
“With the growth of GCash, we are redefining financial inclusion in the Philippines—that our services should also be accessible wherever there are Filipinos,” he said.
Reyes said there are around 1.2 million Filipinos in California and 5 million in the whole of the United States.
He said GCash hopes to strengthen the community of Filipinos in the US and their ties to their families in the Philippines.
