#gcash fraud

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the recent GCash fraud that happened two weeks ago, the Banko Sentral ng Pilipinas revealed that money was actually withdrawn from the two recipient bank accounts (East West and AUB).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 announced that it has barred over 900,000 accounts suspected of fraud from January to March this year. GCash is currently working closely with the National Bureau of Investigation (NBI) and the Philippine National Police (PNP) in preventing online scams and fraudsters, as well as apprehending any guilty party that conducts illegal activities using GCash. Furthermore, GCash is in strict compliance with the guidance of the Bangko Sentral Ng Pilipinas and the Anti-Money Laundering Council in order to ensure customer safety and security. Read more in our articles including "GCash lost money from recent fraud - BSP" and "GCash blocks over 900,000 accounts suspected of fraud".