BSP launches GCash investigation over unauthorized deductions

MANILA, Philippines — The Bangko Sentral ng Pilipinas (BSP) has launched an investigation into G-Xchange Inc. (GXI), the operator of GCash, following numerous complaints from users reporting unauthorized deductions on their e-wallet accounts.

In a statement, the central bank said it has instructed GXI to swiftly resolve the reported unauthorized deductions from users’ accounts and ensure refunds are completed without delay.

“The BSP will investigate the incident further to identify possible vulnerabilities and review compliance with regulations and policies,” the central bank said.

The BSP has also urged affected GCash users to coordinate directly with GXI for prompt resolution of their complaints. If users find GXI’s handling of their cases unsatisfactory, they could escalate their concerns to the BSP Online Buddy through the central bank’s website and Facebook page.

The BSP’s investigation reflects its commitment to upholding consumer protection in the fintech space amid the growing reliance on e-wallets and digital transactions in the Philippines.

Based on the initial report of GXI to the central bank, the incident was attributed to a system error. GXI has assured the BSP that all accounts of GCash users are secure.

GXI has also stated that the refund process for affected accounts is already underway.

“The BSP has likewise required GXI to submit regular updates on its actions on the matter. BSP is closely coordinating with GXI to ensure a prompt resolution of this issue,” it added.

The widely used e-wallet has come under fire after users across social media voiced frustration over unauthorized deductions from their accounts.