Senate Deputy Minority Leader Risa Hontiveros submitted a Senate resolution requesting an official investigation into unauthorized transactions, scams,
Joel E. Zurbano and other irregularities in mobile financial services.
“Mobile financial services have become a part of daily life for millions of Filipinos, and the fintech sector has been an important driver of economic growth and financial inclusion. GCash alone has an estimated 76 million users who posted P6 Trillion worth of transactions in 2022—that is almost equal to our national budget next year,” Hontiveros said.
GCash operator G-Xchange Inc. attributed the transfers to errors in an “ongoing system reconciliation process” and the Department of Information and Communications Technology has since stated that the incident is “an internal issue” rather than external hacking. The senator also pointed to warnings by the DICT on phishing attempts disguised as official text messages from GCash or PayMaya, another fintech e-wallet service.
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