DEPUTY Minority Leader Senator Risa Hontiveros has called for an urgent Senate investigation into recent glitches and alleged security breaches in the GCash platform, citing concerns over the safety of millions of Filipino users.

The probe seeks to address reports of unexplained deductions from accounts, with affected users reportedly losing amounts ranging from P1,000 to P2,000 over consecutive days.

Hontiveros emphasized the need to secure financial technology platforms like GCash, which are widely used for digital transactions in the country.

“Whether the issue is an internal glitch or external hacking, this raises serious questions about the platform’s reliability and security. Millions of Filipinos rely on these services for everyday transactions,” she said during a press briefing.

The senator urged GCash and its parent company, Mynt, to work closely with regulators and law enforcement to address the incidents promptly.

She also underscored the importance of transparency in investigating the root cause of the deductions.

While the exact date for the hearing is yet to be determined, Hontiveros called for the immediate referral of the issue to the appropriate Senate committee.

She plans to summon representatives from GCash, the Bangko Sentral ng Pilipinas (BSP), and cybersecurity experts to ensure that the investigation is thorough.

“The affected users deserve answers and reassurance. We need to hold fintech companies accountable for securing their platforms and safeguarding their customers’ trust,” she added.

The glitches have sparked widespread frustration among users, many of whom rely on GCash for remittances, bills payment, and online shopping.

Social media platforms have been inundated with complaints, with some users expressing fear of using digital wallets until the issue is resolved.

Hontiveros noted the urgent need to address these concerns to restore public confidence in digital finance.

“We cannot afford to have a financial platform that is unreliable, especially when it serves as a lifeline for many Filipinos,” she said.

The lady senator also called on the BSP to strengthen its oversight of fintech companies, ensuring stricter compliance with cybersecurity protocols.

She urged lawmakers to consider updating relevant regulations to keep pace with the rapid expansion of digital financial services.

“This incident highlights the vulnerabilities in our current system. It’s time to ensure that our laws and regulations adequately address these risks,” Hontiveros said.

The issue could have broader implications for the financial technology sector, which has seen rapid growth in recent years. Experts warn that such incidents could undermine trust in digital wallets and other fintech solutions, potentially slowing adoption in a country aiming to accelerate financial inclusion.

The Senate aims to convene a hearing soon to resolve the matter and ensure GCash users are compensated for their losses.

AUTHOR PROFILE

Camille P. Balagtas