GCash fiasco probe pushed
A lawmaker filed a resolution urging the House of Representatives to conduct an inquiry into the alleged unauthorized transactions on mobile wallet service GCash and its impact on the affected users.
“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,” House Deputy Minority Leader Bernadette Herrera said in House Resolution (HR) No. 963.
On May 9, some GCash users experienced an alleged unauthorized deductions from their accounts, causing financial harm and inconvenience to them.
GCash, a financial application operated by G-Xchange Inc., is a widely used digital wallet service in the Philippines, with over 79 million registered users relying on the platform for various financial transactions.
She disclosed that she was also one of the GCash users affected by the alleged unauthorized transactions, which promoted the provider to conduct preventive maintenance.
GCash has apologized for the temporary downtime and assured users that their funds are safe. It has also acknowledged the alleged unauthorized deductions and is currently investigating the matter.
However, Herrera said the extent of the alleged unauthorized deductions in terms of the amount and the number of accounts involved has not been disclosed.
She noted that the alleged unauthorized deductions from GCash accounts were said to have been allegedly transferred to accounts under East West Banking Corp., which has initiated its own internal investigation and is cooperating with authorities and other institutions involved in the matter.
Herrera urged the appropriate House committee to invite the officials of GCash, G-Xchange Inc., Mynt, Globe Telecom Inc., the Ayala Corp., and Ant Financial to provide an explanation on the nature, scope, and cause of the unauthorized deductions, as well as their plans to address the issue and prevent its recurrence.
The lawmaker also wants the House to solicit the views and recommendations of the relevant government agencies, such as the Bangko Sentral ng Pilipinas, the Department of Trade and Industry, and the National Privacy Commission, on the matter and their plans to regulate digital payment platforms to prevent similar incidents in the future.
