BSP starts probe into unauthorized GCash transactions

The country's central bank has started investigating reports of unauthorized transactions involving GCash accounts, with funds believed to be transferred to local banks.

File photo: GCash app 

BSP begins its own investigation

Bangko Sentral ng Pilipinas (BSP) Deputy Governor for the Payments and Currency Management Sector Mamerto Tangonan said that GCash operator G-Xchange Inc. already reported the issue.

GCash: Keep these in mind to protect yourself from text scams, phishing links

BSP has started looking into this to get to the bottom of this incident and determine the facts to guide appropriate action, Tangonan said in a GMA report.

The official said G-Xchange Inc. would submit the required regulatory report to BSP.

The digital platform was inaccessible for hours on Tuesday morning, with several users posting online about their transactions that went through despite the absence of an OTP or notification. A report from the Inquirer also claimed that GCash was hacked, but the firm insisted that it found no trace of any hacking incident.

The company said the amounts deducted from its customers' accounts were already adjusted.

GCash, the country's leading mobile wallet, has a user base of more than 79 million.

See also: GCash clarifies no hacking or glitch occurred: Phishing happened outside of the app

Source: GMA