The Bangko Sentral ng Pilipinas (BSP) on Monday, Nov. 11, instructed G-Xchange Inc. (GXI), the operator of GCash e-wallet, to immediately resolve the reported unauthorized deductions on account balances of affected GCash users and swiftly complete the process of refunds that the Ayala-owned company has initiated.
The BSP, which has regulatory supervision over the e-money platform, likewise required GXI to submit regular updates on its actions on the matter.
“BSP is closely coordinating with GXI to ensure a prompt resolution of this issue,” the central bank said.
Based on the initial report of GXI to the 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, according to the BSP.
“BSP will investigate the incident further to identify possible vulnerabilities and review compliance with regulations and policies,” it said.
“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 (BOB),” it added.
Meanwhile, Department of Information and Communications Technology (DICT) undersecretary Jeffrey Ian Dy said in a Facebook post that agency’s National Computer Response Team (DICT-NCERT) met with GCash executives on Monday afternoon to discuss the issue.
“We will continue our investigations in the coming days. DICT-NCERT was empowered by EO 58 s.2024 to protect Critical Information Infrastructures from Cyberattacks. We will coordinate and also submit our findings to GCash regulator Banko Sentral ng Pilipinas (BSP), and other government agencies if necessary,” Dy stated.
The DICT official said the NCERT will try to determine whether or not the authorized fund deductions is a cybersecurity incident. “If it is, TTPs (tactics, techniques, and procedures) and IOCs (Indicators of Compromise) found, and mitigation plans will be shared across the industry,” he added.
