GCash Implements Fixes to Prevent Future Reconciliation Errors

GCash assured users on Monday that it has corrected a system reconciliation error that led to accidental deductions from multiple accounts over the weekend. Ernest Cu, president and CEO of Globe Telecom, which co-owns GCash’s parent company Mynt, confirmed that no funds were unauthorizedly lost and that all affected accounts were quickly restored.

“This was a reconciliation issue, not a security breach. Corrections were completed swiftly, ensuring users’ funds were safe,” Cu said during a virtual briefing. GCash reported that the adjustments were completed by Sunday, prioritizing system accuracy and user security.

The reconciliation error raised concerns after users, including comedian Pokwang, reported seeing unauthorized deductions from their accounts, with one case involving P85,000. GCash confirmed that security remains a top priority, especially as it operates under the Bangko Sentral ng Pilipinas as an electronic money issuer.

Additionally, Globe general counsel Froilan Castelo highlighted ongoing efforts to combat scams in collaboration with authorities, as scammers increasingly use off-network channels like social media apps. Castelo acknowledged that while the SIM Registration Act is effective in reducing on-network scams, additional coordination is needed to address scams on platforms such as Messenger and Viber.