The Bangko Sentral ng Pilipinas and the National Privacy Commission said Wednesday they are investigating earlier reports of unauthorized cash transactions from Globe-backed fintech giant GCash.
The Department of Justice is also looking at the reports, but Justice Secretary Jesus Crispin Remulla said the mobile wallet service may not be legally liable if it was able to immediately rectify the “glitch” in its system, which saw some users losing a reported P37 million in funds.
The Privacy Commission, meanwhile, also ordered GCash to explain the incident and set a meeting on Friday with officials of the fintech firm. “In response, GXI has expressed its commitment to make the necessary adjustments in the affected accounts,” the BSP statement said. “We extended our scheduled maintenance to investigate and determined that no hacking occurred,” it said, adding any deduction from a GCash account will be adjusted before 3 p.m. on Tuesday.
“It is the duty of Congress to protect the interests and welfare of the Filipino people and ensure that digital platforms like GCash operate within the bounds of the law. The extent of the unauthorized deductions in terms of the amount and the number of accounts involved has not been disclosed,” she said in House Resolution 963.
“If there has been no problem, why is it there is a need to restore ? It good to hear that GCash was able to fix the problem, but that is just not enough. Was there really hacking that took place? Was there a breach of security? Was the money of the ordinary Filipino really safe? GCash has a lot of explaining to do,” party president Rafaela David said.
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