GCash, the mobile wallet service developed by Globe Telecom’s financial technology unit Mynt, assured customers on Saturday that their accounts remain secure, following complaints of unauthorized fund transfers.
Several social media users reported that their GCash wallets had been drained of tens of thousands of pesos through multiple transactions.
In a statement, GCash downplayed the extent of the issue, claiming that the incident affected only a few customers. “The incident was isolated, and we assure our customers that their accounts are safe,” the company said, attributing the problem to errors in an ongoing system reconciliation process.
“We have identified and reached out to the affected accounts, and wallet adjustments are ongoing,” GCash added. The company also emphasized that it was addressing the matter swiftly and working to prevent further issues.
In June, GCash enlisted the help of the Cybercrime Investigation and Coordination Center (CICC) to investigate claims from Deep Web Konek about 100 gigabytes of compromised GCash data uploaded by a threat actor, KrytonZombile. After reviewing its systems, GCash confirmed that no customer data had been compromised.
GCash’s strong growth has helped Mynt significantly increase its contribution to Globe’s revenue, reaching a record P3.5 billion in the first nine months of 2024. This amount represents 14 percent of Globe’s pretax income, up from 6 percent last year. As of the end of 2023, GCash had 94 million registered users.
