Home GCash Assures Users of ‘No Fund Loss’ Amid Unauthorized Transaction Complaints

GCash Assures Users of ‘No Fund Loss’ Amid Unauthorized Transaction Complaints

gcash issue may 9 2023

MANILA, PHILIPPINES — GCash, the popular digital wallet platform, issued a statement on Tuesday reassuring its users that there has been “no fund loss” in response to reported unauthorized transactions. Gilda Maquilan, the company’s Vice President for Corporate Communications, made the announcement during an early morning interview with DZMM Teleradyo.

“We’d like to reassure everyone that there’s no fund loss,” Maquilan stated. She further added, “For those who were inconvenienced, the amount will be reflected in their accounts. Give us until 3 pm today”.

GCash has become a trending topic on Twitter. Trends tracker trends24 showed there are over 45,000 tweets about it to date. Some users compiled screenshots of complaints written in public posts.

Frustrations arose after users allegedly experienced unauthorized transactions that resulted in the transfer of their money from the digital wallet to bank accounts linked to East West Bank and Asia United Bank. As a consequence of this incident, some users called for the withdrawal of their funds from the Ayala-backed fintech platform.

GCash promptly conducted an investigation and temporarily suspended access to the app, which has since been restored for all users. The investigation found no evidence of hacking, according to GCash.

Maquilan reaffirmed their confidence in resolving the issue, assuring users that their funds would be returned by the designated time.

“You may have had problems accessing your GCash accounts in the past few hours. We apologize for the inconvenience. The app is now back up and rest assured that your funds are safe,” they wrote.

“Any deduction from a GCash account will be adjusted before 3 p.m. today. We wish to further assure customers that their funds remain safe and secure. We would also like to remind customers to never share their OTP and MPIN,” they added.

The surge in popularity of GCash and other fintech platforms during the pandemic has been remarkable, as cashless transactions have become a preferred alternative for commerce in the Philippines.

GCash continues to address the concerns raised by its users, emphasizing their commitment to ensuring the security of funds and maintaining a seamless digital wallet experience. – WhatALife!/Jayve

Source: (1)(2)

Also read: GCash hides usernames to increase protection against text scams

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