BSP to probe reported unauthorized deductions in GCash

(Photo courtesy of Unsplash)

By Anna Leah Gonzales | Philippine News Agency

The Bangko Sentral ng Pilipinas (BSP) will investigate the reported unauthorized deductions on account balances of GCash users to identify possible vulnerabilities and review compliance with regulations and policies.

In a statement on Monday, the BSP also instructed G-Xchange, Inc. (GXI), the operator of GCash e-wallet, to immediately resolve the unauthorized deductions and to swiftly complete the process of refunds.

The BSP also required GXI to submit regular updates on its actions.

“BSP is closely coordinating with GXI to ensure a prompt resolution of this issue,” according to the statement.

The BSP, based on GXI’s initial report, said 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 Central Bank said.

“BSP encourages affected users to coordinate with GXI for the immediate resolution of their complaint.”

If not satisfied with GXI’s handling, the BSP said consumers may escalate concerns to the BSP Online Buddy (BOB) through the BSP’s Facebook Messenger account @BangkoSentralngPilipinas and the BSP website at www.bsp.gov.ph.

In an earlier statement, GCash said that as of Sunday, it has completed all the necessary wallet adjustments for its affected users.

GCash also vowed to work with relevant law enforcement agencies to investigate the incident.

Popular

PBBM underscores public cooperation as key to better disaster response

By Dean Aubrey Caratiquet President Ferdinand R. Marcos Jr. reiterated his call on the citizenry to remain on constant alert and exercise vigilant measures at...

PBBM lauds eGov app’s impact on Filipinos, hints at upcoming features

President Ferdinand R. Marcos Jr. recognized the indispensable role of the eGov app in fast-tracking and streamlining the digitalization of government transactions and services,...

What’s next for the Marcos admin? Key agencies tackle food security, economic dev’t post-SONA 2025

https://www.youtube.com/live/hXRnysWZ6SM?si=GGc-0MxxrP1SXsvE By Brian Campued President Ferdinand R. Marcos Jr. has reported the situation of the country—along with his administration’s progress, gains, and challenges in the past...

PBBM lauds improvements in PH labor market

By Dean Aubrey Caratiquet President Ferdinand R. Marcos Jr. praised the wide-ranging achievements made by his administration on bolstering the country’s domestic labor market over...