#GCASH 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the recent GCash fraud that happened two weeks ago, the Banko Sentral ng Pilipinas revealed that money was actually withdrawn from the two recipient bank accounts (East West and AUB).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. 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. GCash has stated that it is working with both the National Privacy Commission (NPC) and the Bangko Sentral ng Pilipinas (BSP) after reports of account deductions circulated in the past week. "We have been in constant coordination with the authorities and regulatory bodies like the Bangko Sentral ng Pilipinas (BSP) and National Privacy Commission (NPC) in providing the necessary information required of us," said GCash in an official statement about the phishing incident. GCash reiterated that no hacking nor glitch occurred in the GCash platform and that it was a deliberate phishing attempt that happened outside of the GCash app. Read more in our articles including "GCash lost money from recent fraud - BSP" and "GCash working w/ NPC, BSP over phishing incident".