The Bangko Sentral ng Pilipinas (BSP) 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.
BSP has likewise required GXI to submit regular updates on its actions. BSP is closely coordinating with GXI to resolve this issue promptly.
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 BSP is taking a proactive approach to this incident. It will conduct a thorough investigation to identify possible vulnerabilities and review compliance with regulations and policies, ensuring the security of GCash users.
BSP encourages affected users to coordinate with GXI to resolve their complaints immediately. If unsatisfied with GXI’s handling, consumers may escalate concerns to the BSP Online Buddy (BOB).