GCash assures users ‘no fund loss’ after reports of unauthorized transactions

GCash, a digital wallet platform, has assured its users that “no fund loss” occurred following over 300 reports of unauthorized transactions depleting users’ funds.

In a statement, the Ayala-backed fintech platform stated that balances will be returned to affected users by 3 p.m. on Tuesday.

“We apologize for the inconvenience. Yesterday, some customers may have noticed a deduction in their GCash accounts. We assure you that an adjustment in their balance will be made within the day, and that funds will remain safe and secure with GCash” it added.

Users had taken to social media to express their frustration, with some reporting unauthorized transactions that transferred their money from the digital wallet to certain bank accounts affiliated with East West Bank and Asia United Bank.

The social media firestorm prompted some users to call for the withdrawal of their funds from GCash.

The app was put into maintenance to conduct an investigation, which GCash said found that no hacking occurred. Access to the app has been restored to all users.

“Some customers may have experienced a deduction in their GCash account yesterday. We extended our scheduled maintenance to investigate and determine that no hacking occurred. Any deduction from a GCash account will be adjusted before 3 p.m. today,” GCash said in a statement.

The platform also reminded its customers never to share their OTP and MPIN, and assured them that their funds remain safe and secure.

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