Digital Advocacy Group Demands Accountability from GCash Amid Unauthorized Transaction Concerns

Amid a surge of unauthorized transactions affecting e-wallet platform GCash, digital advocacy group Digital Pinoys is calling for a government-led investigation and heightened accountability from GCash. This follows numerous reports of unreturned funds from users who have lost significant amounts of money, prompting frustration and concern over potential security flaws within the platform.

Digital Pinoys national campaigner Ronaldo Gustilo emphasized that complaints over unauthorized transactions have been ongoing, yet unresolved. His group argues that with each incident, user trust diminishes, and financial harm increases. He voiced the group’s demand for an immediate return of the lost funds, stating, “Napakarami nang reklamo patungkol dito sa mga unauthorized transactions and nakakalungkot na naulit na naman ‘yung ganitong kalaking insidente.” (There have been so many complaints about unauthorized transactions, and it’s disappointing that another large incident has occurred.)

Some users have shared stories of financial distress caused by the transactions. GCash user Nica Coching, for example, lost nearly ₱40,000 but has only recovered a portion of it so far. Coching maintains that she followed all recommended security protocols—refraining from sharing personal information, avoiding suspicious links, and being cautious with account access—yet still fell victim to the transaction error.

Another user, Patricia Alabado, highlighted a noticeable pattern in the unauthorized withdrawals, each amounting to ₱2,000. She speculated about the cause of the breaches, suspecting it could be an internal issue within GCash. “Maybe it’s an inside job,” she commented, pointing out that GCash’s public statements may be an attempt at “damage control.”

GCash responded by issuing an advisory and reassured users that they were investigating the issue, describing the incident as isolated. However, Gustilo insisted that an internal investigation would not suffice and called for an impartial government-led inquiry, citing the potential severity of the breach and possible hacking involvement. The Department of Information and Communications Technology (DICT) has announced its coordination with GCash and stated its commitment to a separate investigation, although participation remains voluntary.

For a platform as widely used as GCash, the cybersecurity requirements are substantial. DICT Undersecretary Jeffrey Ian Dy pointed out that, due to its popularity, GCash qualifies as critical infrastructure. However, he highlighted the voluntary nature of GCash’s compliance, as there is no existing law mandating security standards for such platforms.

To assist the public further, the Cybercrime Investigation and Coordinating Center (CICC) urged users to report unauthorized transactions through the Inter-Agency Response Center (IARC) hotline instead of relying solely on social media, which may delay effective support. CICC Executive Director Alexander Ramos clarified that social media cannot help with recovery efforts, and dedicated reporting channels, like the IARC hotline, are designed to expedite investigations.

In light of these incidents, having a robust cybersecurity strategy is more important than ever for digital wallet platforms and financial applications. Businesses can mitigate similar risks by partnering with Managed Security Service Providers (MSSPs) like Directpath Global Technologies (DGT). DGT offers a range of managed cybersecurity services, including Managed Threat Detection (MTD), Extended Detection and Response (XDR), and Vulnerability Risk Management as a Service (VRMaaS). In addition to cybersecurity, DGT’s advanced Artificial Intelligence Division can tailor solutions for various operational needs, ensuring a proactive defense against threats and safeguarding critical data.

With calls for more thorough and impartial investigations into GCash’s recent issues, it’s evident that digital platforms must prioritize security as they continue to expand. For users, businesses, and e-wallet providers alike, staying vigilant and prepared is essential in an era where financial security challenges are increasingly complex. Source: ABS CBN News