MANILA, Philippines 鈥� At least two House of Representatives committees have been asked by Makabayan bloc lawmakers to investigate recent reports of e-wallet customers and users losing their money due to hacking.
In a statement on Monday, ACT Teachers party-list Rep. France Castro confirmed that she, along with Gabriela party-list Rep. Arlene Brosas and Kabataan party-list Rep. Raoul Manuel, filed House Resolution (HR) No. 2068, asking the House committee on banks and financial intermediaries and the committee on information and communications technology to probe issues hounding GCash.
On Sunday, several GCash users 鈥� including celebrities like comedienne Pokwang 鈥� complained about different alleged hackers supposedly being able to access their accounts.
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According to Castro, these incidents were concerning because people did not get any explanation why the money in their e-wallets disappeared.
鈥淭hese repeated system failures affecting GCash users are deeply concerning. We are receiving numerous complaints from citizens who suddenly found their hard-earned money wiped out from their accounts without explanation,鈥� Castro said.
鈥淎s someone who personally experienced having my account permanently deactivated without due process, I understand the anxiety and frustration of affected users,鈥� she added.
Under HR No. 2068, Makabayan lawmakers noted that while GCash is valued at US$5 billion 鈥� supposedly the largest fintech company in the Philippines 鈥� issues with its security were a cause for major concern.
GCash previously said that they are working on restoring the money lost from e-wallets, which was said to be due to a system error.聽 Despite these, GCash said the incidents were 鈥渋solated鈥� and the accounts of the affected users were safe.
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Makabayan lawmakers, however, were not convinced.
鈥淲hile GCash has acknowledged these incidents as 鈥榚rrors in an ongoing system reconciliation process,鈥� these unauthorized transactions raise serious concerns about the platform鈥檚 security measures and consumer protection protocols. It also downplayed the unauthorized transactions as 鈥榠solated to a few users鈥� and promised Cash users 鈥榯hat their accounts are safe鈥�,鈥� the lawmakers said in HR No. 2068.
鈥淕Cash should be held accountable for these irregularities that affect Filipinos who rely on the platform for their daily financial transactions [鈥 there is an urgent need to investigate these incidents and implement stronger regulations for fintech companies, as well as better consumer protection,鈥� they added.
Castro meanwhile said that the Bangko Sentral ng Pilipinas and concerned House committees should check on these incidents and review existing regulations on digital payment platforms.
鈥淲e need stronger regulatory frameworks to protect consumers using digital payment services. These platforms handle people鈥檚 hard-earned money, and they must be held to the highest standards of accountability and transparency,鈥� she noted.
READ: GCash: Accounts safe; still no proof of hacking