BSP orders GCash to swiftly complete refunds to users affected by unauthorized deductions

The Bangko Sentral ng Pilipinas (BSP) has mandated the mobile wallet app G-Xchange, Inc. (GXI) to immediately resolve numerous unauthorized deductions on accounts of affected GCash users. 

Following several complaints from affected users over the weekend, the BSP issued a statement on Nov. 11.

"The Bangko Sentral ng Pilipinas (BSP) has instructed G-Xchange, Inc. (GXI), the operator of GCash e-wallet, to immediately resolve the reported unauthorized deductions on account balances of affected GCash users and swiftly complete the process of refunds that GXI has initiated,” the country's central bank said.

It added that it has required GCash to submit regular updates in resolving the matter and assured the public that they are closely coordinating with the e-wallet platform to “ensure a prompt resolution of this issue.” 

BSP also mentioned that based on the submitted initial report of the wallet app, the unauthorized deductions were due 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,” it added in its statement. It also stressed that BSP will further investigate the incident to “identify possible vulnerabilities and review compliance with regulations and policies.”

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

Other concerns may be raised to the BSP Online Buddy (BOB) via their Facebook Messenger at @BangkoSentralngPilipinas and official website.

On Saturday, Nov. 9, some users received text messages from GCash urging them to change their MPIN and assuring them of a refund within 24 hours due to detected unusual activity. 

Users like actress Pokwang publicly shared her ordeal, revealing that P85,000 was stolen from her GCash account by around 30 unregistered cellphone numbers.