GCash says 'no funds lost' despite system glitch

Raffy Cabristante, Zyann Ambrosio and Lady Vicencio, ABS-CBN News

Posted at May 09 2023 10:39 AM | Updated as of May 09 2023 05:25 PM

MANILA (2nd UPDATE) — Mobile wallet service GCash on Tuesday said there were no funds lost from its users following complaints of missing money due to alleged unauthorized transactions.

GCash vice president for corporate communications Gilda Maquilan told ABS-CBN's TeleRadyo that users' funds would return to their accounts by 3 p.m. Tuesday.

"There is no fund loss at doon po sa ating mga na-inconvenience, ito pong amount na ito ay mare-reflect, maba-balance out sa kanilang account. Bigyan lang po kami ng until 3 p.m. today at ito'y mare-reflect back doon sa kanilang mga account," she said. 

(To those we inconvenienced, the amount in your accounts will be reflected and balanced out eventually. Please give us until 3 p.m. today for this to reflect back to your accounts.)

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Maquilan said that since Monday, GCash has received several complaints from customers about unauthorized transactions.

The money allegedly went to accounts in EastWest bank and Asia United Bank (AUB). 

On social media, several GCash users also sounded the alarm over what they said were unauthorized transfers.

Cris Pevlor, a sari-sari tore owner in San Pedro, Laguna said her account which had P14,000 was drained, and she was notified that the money was transferred to an account in EastWest Bank. 

An online chat group also listed around 300 people complaining about unauthorized transfers, which totaled around P6 million. 

In a separate statement, GCash said its systems were not hacked following an investigation.

"We wish to further assure the affected customers that their funds remain safe and secure. We would also like to remind customers never to share their OTP and MPIN," its statement read.


Maquilan said a system maintenance, which had been in effect since 12 midnight Monday, was taking "more than usual."

GCash later said it extended its maintenance following the complaints.

"Tinitingnan natin ngayon kung ano iyong fixes at maintenance na kailangan po nating gawin," Maquilan said, apologizing to customers inconvenienced by the glitch.

(We are looking into what fixes and maintenance activities we need to conduct.)

Globe Telecom corporate communications officer Yoly Crisanto also said that GCash users' money remains "intact and with GCash."

"I think precisely that no money was lost is a testament to the effectiveness of the cybersecurity policies of GCash. What GCash did was ultimately to protect its customers. I repeat no money was lost. Anyone who claimed to have lost money today the GCash statement addressed it saying that their money will be returned to the wallets by 3 p.m.," she said.

In separate statements, EastWest Bank and AUB also said they were cooperating with GCash in investigating the matter, as the allegedly missing funds were transferred in accounts registered in the said banks. 

“We are actively cooperating with authorities and investigating these reports,” EastWest Bank said.

AUB First Vice President Emma Cabochan also confirmed that funds were transferred to an account in their bank, and that they are cooperating with GCash in its investigation. 

Another AUB official said that GCash will need to initiate request for return of funds.

“Sila ang magfa-file whether we need to return the funds and provide acceptable reasons: human error or system glitch,” Said AUB Executive Vice President and Head of IT, Wilfredo Rodriguez 

Laban TNVS president Jun de Leon said in a separate TeleRadyo interview that 300 of his fellow transport network vehicle service (TNVS) drivers suffered the same problem on their GCash accounts.

He called on the Bangko Sentral ng Pilipinas (BSP) to freeze the bank accounts where their funds were allegedly transferred.

He also reported their one-time PINs (OTP) and MPIN codes were allegedly bypassed. 

Meanwhile, affected GCash users have started receiving their cash back. There are still some reported issues regarding the service, but reports from the field show GCash is working to fulfill its promise that all affected accounts will be made whole by 3 p.m.