GCash lost money from recent fraud – BSP

In the investigation regarding the recent GCash fraud that happened two weeks ago, the Banko Sentral ng Pilipinas revealed that money was actually withdrawn from the two recipient bank accounts (East West and AUB).

This is contrary to the statement that GCash made the following day:

Digital wallet platform GCash said on Tuesday that there was “no fund loss” in the wake of alleged unauthorized transactions that some users faced. “We’d like to reassure everyone that there’s no fund loss,” said Gilda Maquilan, company vice president for corporate communications.

According to the BSP Governor Felipe Medalla, all affected GCash users had their money refunded but some of it was already shouldered by GCash.

He added that “Effectively, GCash is shouldering the difference.” but also noted that the security features of GCash is satisfactory, stressing that what happened is really a phishing incident and not hacking.

No mention about how much of the funds were actually withdrawn by the culprits. As of this reporting, the real owners of the bank accounts have not yet been identified.

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