The BSP Urges GCash to Resolve Unauthorized Transactions

After GCash faced issues last weekend involving unauthorized deductions on affected accounts, the BSP issued a statement regarding the November 9 incident.

In its statement, the BSP urges GCash to resolve the unauthorized transactions immediately and submit regular updates on its actions on the matter. The BSP assures the public that it is closely coordinating with GCash for a prompt resolution to the issue.

The BSP also encourages affected users to coordinate with GCash for the immediate resolution of their complaints.

Based on GCash’s initial investigations, the incident was attributed to a system error and assures all of its users that its platform is secure and that they are in the process of refunding the deductions.

“[The] BSP will investigate the incident further to identify possible vulnerabilities and review compliance with regulations and policies,” the BSP said in its statement.

You can read BSP’s statement in full below:

The November 9 incident involved several unauthorized transactions in GCash, with withdrawals amounting to Php 2,000. The unauthorized transactions allegedly occurred in the early hours of November 9, and those affected lost as much as Php 85,000. Affected users claimed that they did not click any links and that they did not receive any OTPs on their end.