Investigations are underway on the unauthorized transactions on GCash even as the mobile e-wallet service provider has adjusted the e-wallet funds of all affected users within hours of said transactions.
GCash assured there were no lost funds despite several hours of downtime.
It also assured there was no hacking and that proactive cybersecurity policies are in place to protect the safety and security of account holders.
On Monday night, GCash, a unit of Globe Telecom Inc., started to receive several complaints from customers about unauthorized transactions, where some of their e-wallet funds were allegedly transferred to bank accounts with numbers ending 5239.
There were reports on alleged unauthorized cash transfers from GCash to an account in EastWest Bank (EWB) and another in Asia United Bank (AUB account.
EWB said in a statement it immediately acted on these reports and initiated its own internal investigation.
“Rest assured that we are cooperating with authorities and other institutions involved in the said report. We are working towards the immediate resolution of this matter,” EWB said in a statement.
In a separate statement, AUB said it immediately acted on the alert sent by GCash on certain transactions that involved the transfer of funds via Instapay to an AUB account.
AUB temporarily put the AUB account on hold.
“Be assured that we at AUB are extending our utmost cooperation with GCash on the matter and assisting GCash in so far as looking into the said AUB account,” said Emma Cabochan, Legal Services Head and Data Privacy Officer of AUB.
Yesterday, GCash extended its scheduled maintenance to investigate and determine the cause of the unauthorized transactions.
From 10 a.m. to around 3 p.m. yesterday, GCash has deactivated the e-wallet account.
To date, GCash has 81 million registered users, of which 6 million are merchants and social sellers and over 900 GLife merchant partners.
GCash has disbursed over P74 billion in loans across 2.8 million unique borrowers as of the first quarter of the year.
