The Bangko Sentral ng Pilipinas (BSP) has directed the operator of GCash, the largest e-wallet in the Philippines, to swiftly resolve the distressing issue of balance deduction in customers’ accounts.
ALSO READ: Money safe: GCash allays fears of fund loss amid complaints of deductions
The BSP has also taken measures to collaborate with other affected financial institutions in order to minimize the impact of this incident.
Unfortunately, the BSP has refrained from disclosing the names of the affected banks, the exact number of accounts involved, or the total amount of funds compromised.
G-Xchange Inc. (GXI), the company behind GCash, finds itself in a precarious position as it faces the daunting task of rectifying the deductions in the affected accounts.
In response to the BSP’s directive, GXI has pledged to undertake all necessary adjustments to restore the rightful balances to their customers.
The outcry began on Monday, May 8, as numerous GCash customers took to social media to express their frustration over unauthorized fund transfers from their accounts. These complaints quickly gained traction and went viral, putting additional pressure on GCash.
Regrettably, the situation escalated further when the GCash app experienced an unexpected outage immediately after the uproar emerged online, leaving users unable to access the platform.
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