House Lawmaker Calls for Probe Into GCash Unauthorized Transactions After Recent Incidents

Gcash users are reeling after a recent security breach led to unauthorized transactions. Thousands of users reported missing funds, sparking concerns about the platform's security measures.

A congressional investigation into digital wallet transactions has been launched by Rep. Bernadette Herrera, the Deputy Minority Leader of the House and a member of the Bagong Henerasyon party list, in response to a wave of illegal money transfers employing GCash.In the previous weeks, a number of users had unlawful GCash transfers totaling between P1,000 and P2,000, which the e-wallet platform attributed to a technical glitch with its "Send Ang Pao" feature and system reconciliation procedure.

GCash promised its users that the event had nothing to do with phishing or hacking.

Herrera said in a statement on Tuesday that the most recent incident is comparable to a similar breach that occurred in May 2023, when a large number of GCash users found that their accounts had been debited without authorization. This led to financial inconvenience and raised questions about the platform's security procedures.

"With millions of Filipinos relying on digital wallets for daily transactions, it is critical for Congress to probe the security and regulatory framework surrounding financial technology (fintech) services," Herrera stated.