BSP releases statement on GCash incident

The Bangko Sentral ng Pilipinas (BSP) on Monday, Nov. 11, 2024, released a statement regarding the unauthorized deductions on account balances of GCash users.

Accord to the BSP, they have instructed G-Xchange, Inc. (GXI), the operator of GCash e-wallet, "to immediately resolve the reported unauthorized deductions on account balances of affected GCash users and swiftly complete the process of refunds that GXI has initiated."

GXI earlier has released a statement saying that the incident were caused by a system error.

The BSP has also required GXI for regular updates on its actions on the matter.

Meanwhile, the BSP is encouraging users of GCash who have been affected to get in touch with GXI in order to have their issues resolved immediately.

However, the BSP is also saying that if the affected users are not satisfied with how GXI is handling their concerns, they may escalate their issue with the BSP Online Buddy (BOB) through the BSP's Facebook Messenger @BangkoSentralngPilipinas or their website at bsp.gov.ph.