Home>News>House probe on Gcash welcomed as account holders still reeling from effects of unauthorized transactions

House probe on Gcash welcomed as account holders still reeling from effects of unauthorized transactions

Digital Pinoys

A network of digital advocates welcomed today the investigation to be launched by the House of Representatives regarding the issue of unauthorized Gcash transactions.

Digital Pinoys national campaigner Ronald Gustilo said that Congress should find out what really occured with the fintech giant after millions of pesos were siphoned from individual Gcash accounts and transferred to an account in Eastwest Bank and Asia United Bank.

“Congress should look into this problem as many Gcash account holders are complaining that unauthorized transactions are occuring even before the multi-million Gcash heist. They are claiming that the security features of Gcash are insufficient and can be bypassed by individuals accessing the accounts. The government should not allow this to happen anymore.”

House Resolution 975 was filed by Makabayan bloc, led by Gabriela Partylist Representative Arlene Brosas, ACT Teachers Partylist Rep. France Castro and Kabataan Partylist Rep. Raoul Manuel, seeks to investigate the cases of unauthorized Gcash transactions.

“We are thankful that Congress, particularly the Makabayan Bloc, heeded the call of the numerous victims of unauthorized transactions. They have found an ally in Congress who will look into the loss of their hard-earned money.”

Gustilo added that Gcash should already disclose as to what caused the unauthorized transactions and what is the extent of the compromise that occured.

“The shifting explanations of Gcash executives on the incident of hack versus non-hack only makes the public doubt the credibility of Gcash. And it also makes the public incapable of making security adjustments on their own personal capacity. Account holders do not even know anymore what to do because some elements of phishing is not present in this case and Gcash is denying that there was a hackjng incident. They should just disclose what really happened.”

Gustilo added that Gcash should stop blaming the victims of the unauthorized fund transfers and accept their responsibility on the incident.

“In their interviews, Gcash executives repeatedly tried to pin the blame to the account holders victimized by saying that they have strong security features and that victims should stop giving out their one-time passcodes. Stop it. It’s your responsibity to make the app safe and secured. Maybe try investing on third-party audits and regular security updates rather than changing the user interface every now and then?”

Gustilo said that reports of Gcash accounts being compromised come in almost on a daily basis, with complainants claiming that Gcash did not do anything until the multi-million heist happened.

“We already called out Gcash about this even before. There were many complaints of phishing, hacking and other forms of account compromise yet Gcash turned a blind eye on this issue. Even their other services such as Gloan, Gsave and Gcredit are being subject to complaints because of the inadequate safety features. Is it still the fault of the account holders? We beg to differ.”

Gustilo also added that the government should penalize Gcash because of the number of incidents and Gcash’s failure to prevent the unauthorized transactions from occuring.

“The numbers are there, the complaints are everywhere. Gcash should not get out of this scot-free. They should be penalized for each reported incident of unauthorized transaction, on top of the reimbursement of all unauthorized transactions, regardless of when it occured.”

Gustilo also urged Gcash account holders to leave the fintech app and use other digital wallet platforms instead.

“These incidents have been happening for so long and yet Gcash even had the gall make it appear as if the victims are at fault. With the way they failed to manage and protect the money entrusted to them, we do not see Gcash as a safe app to use for digital financial transactions. Just use other digital wallets instead. Gcash does not deserve our business, our trust and our money.”

Reference: Ronald Gustilo, Digital Pinoys National Campaigner, www.digitalpinoys.org

House probe on Gcash

House probe on Gcash

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