BSP to further investigate GCash reconciliation error

The Bangko Sentral ng Pilipinas (BSP) on Monday said it will look deeper into the system error that hit several users of GCash, operated by G-Xchange Inc. (GXI), who reported unauthorized deductions on their account balances.

In a statement, the central bank said it is closely coordinating with GXI to ensure a prompt resolution on the matter, as the initial report attributed the Saturday incident to a system error where users reported that they received notifications of transactions that funds were taken from their accounts.

“Based on the initial report of GXI to BSP, the incident was attributed 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,” the BSP said.

“BSP will investigate the incident further to identify possible vulnerabilities and review compliance with regulations and policies,” it added.

The company on Sunday said it completed the necessary wallet adjustments, and that customer accounts were safe, with security remaining the top priority.

GCash is registered with the Bangko Sentral ng Pilipinas (BSP) as a non-bank financial institution electronic money issuer (EMI-NBMF). It is a wholly-owned subsidiary of Mynt (Globe Fintech Innovations Inc.), which is in turn a partnership of Globe Telecom Inc., the Ayala Group, and Ant Financial.

Globe Telecom president and chief executive officer Ernest Cu earlier on Monday said there were no unauthorized fund losses, accounts were restored within 24 hours, and that corrections were made to ensure that a repeat of the incident does not happen.

“BSP encourages affected users to coordinate with GXI for the immediate resolution of their complaint. If not satisfied with GXI’s handling, consumers may escalate concerns to the BSP Online Buddy,” the central bank said. — BM, GMA Integrated News