The Bangko Sentral ng Pilipinas (BSP) has 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.

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.

Based on the initial report of GXI to the BSP, the incident was attributed to a system error. GXI assured that all accounts of GCash users remain secure and that they are now in the process of refunding the deductions.

BSP will investigate the incident further to identify possible vulnerabilities and review compliance with regulations and policies.

BSP encourages affected users to coordinate with GXI for the immediate resolution of their complaint. If not satisfied with GXI's handling, consumers may escalate concerns to the BSP Online Buddy (BOB) through any of the following channels: BSP Facebook Messenger at @BangkoSentralngPilipinas, BSP Website at www.bsp.gov.ph. Bangko Sentral ng Pilipinas