MANILA – Lawmakers in the House of Representatives are calling for an investigation into unauthorized transactions and financial losses reported by users of the electronic wallet (e-wallet) platform GCash.
They said GCash’s explanation of “errors in an ongoing system reconciliation process” was insufficient.
In filing House Resolution No. 2068 on Monday, the Makabayan bloc urged the Committee on Banks and Financial Intermediaries and the Committee on Information and Communications Technology to investigate the system glitch.
“These unauthorized transactions raise serious concerns about the platform’s security measures and consumer protection protocols,” the lawmakers said in the resolution.
The group emphasized the urgent need for stronger regulations for financial technology companies and enhanced consumer protection.
The lawmakers noted that GCash, which serves approximately 94 million users in the country, had previously faced similar security issues.
“GCash should be held accountable for these irregularities that affect Filipinos who rely on the platform for their daily financial transactions,” they said.
Meanwhile, GCash assured its users that their money and accounts are safe and described the recent security breaches as isolated incidents.
The Makabayan bloc is composed of Gabriela Women’s Party Rep. Arlene Brosas, ACT Teachers Party-list Rep. France Castro, and Kabataan Party-list Rep. Raoul Manuel. (PNA)