MANILA, Philippines – Popular financial app GCash said they encountered errors in the ongoing system reconciliation that caused incidents of missing funds of their customers on Saturday, November 9, 2024.
Amid the trending and widespread issue of unauthorized transactions on their app, GCash claims that the incident was "isolated to a few users."
The e-wallet company, meanwhile, assured their customers that their accounts are safe.
GCash reported that it has identified the affected accounts and reached out to affected users.
Wallet adjustments are currently underway to correct any discrepancies, the company added.
Earlier, users reported unauthorized transactions with malicious actors "transferred their money while they were sleeping."
It used the "Send to Many" feature of GCash bypassing the security of the platform such as OTP, MPIN and link to one phone only.
Majority of the transactions happened in less than a minute or two to extract users' fund from their account. It pulled out money Php 2,000 at a time to two recipients per transaction.
Users said they did not click any link and there's no OTP from the platform.
As of press time, the Send to Many function of GCash is under maintenance.
The financial application is a wholly-owned subsidiary of Mynt (Globe Fintech Innovations Inc.), which is in turn a partnership between Globe Telecom Inc., the Ayala Corp., and Ant Financial.
GCash is operated by G-Xchange Inc. and currently has over 79 million registered users.
— The Summit Express
