BSP to investigate GCash glitch

THE BANGKO SENTRAL ng Pilipinas (BSP) has ordered electronic wallet (e-wallet) GCash to expedite the resolution of its system issues following user complaints about unauthorized transactions, adding that it will investigate the incident further.

The central bank has “instructed G-Xchange, Inc. (GXI), the operator of GCash e-wallet, to immediately resolve the reported unauthorized deductions on account balances of affected GCash users and swiftly complete the process of refunds that GXI has initiated,” it said in a statement on Monday.

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

On Saturday, several GCash users reported that funds were deducted from their accounts without their knowledge.

GCash on Sunday said it “completed the necessary wallet adjustments to its affected users,” attributing the incident to their system reconciliation process.

“Based on the initial report of GXI to the BSP, 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 regulator said.

“BSP has likewise required GXI to submit regular updates on its actions on the matter. BSP is closely coordinating with GXI to ensure a prompt resolution of this issue,” the central bank added.

The public may also escalate their concerns to the BSP if they are not satisfied with GXI’s handling of their complaints, it said. — Luisa Maria Jacinta C. Jocson