The Bangko Sentral ng Pilipinas (BSP) has intervened in the ongoing issue of unauthorized deductions from GCash accounts, directing G-Xchange, Inc. (GXI) to swiftly address the problem and expedite refunds for affected users. The central bank’s intervention underscores the importance of prompt action to resolve the issue and protect consumer confidence in digital payment systems.
According to GXI, the unauthorized deductions were caused by a system error during a reconciliation process. While the company has assured users that all accounts remain secure, it is working to process refunds to those affected. The BSP has mandated that GXI provide regular updates on its actions and is closely monitoring the situation to ensure compliance with relevant regulations.
In addition to the BSP’s involvement, the Cybercrime Investigation and Coordinating Center (CICC) has launched an investigation into the matter. Initially believed to be a system glitch, the CICC is now looking into the possibility of an organized breach, particularly after allegations from celebrity Pokwang (Marietta Tan Subong), who reported losing P85,000 due to unauthorized transfers.
The CICC has urged victims, including Pokwang, to cooperate with the investigation and clarify the details of the unauthorized transactions. As of the latest reports, 21 complaints have been filed, prompting calls for transparency and further investigation to uncover the full extent of the issue.
The BSP’s intervention highlights the importance of regulatory oversight in the digital finance sector, as both consumers and agencies work to understand the scope of the breach and ensure such incidents are prevented in the future.
