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GCash halts services for hours following complaints of unauthorized fund transfers

by Carl Santos

Leading finance app GCash temporarily halted its services on Tuesday, May 9, after some users reported unauthorized fund transfers.

In a statement, GCash said it had extended its scheduled maintenance to investigate the matter and concluded that “no hacking occurred.”

“We apologize for the inconvenience,” GCash said in a statement posted on its social media accounts after 10 a.m.

Unauthorized withdrawals from GCash accounts were reportedly transferred to accounts held by the Asia United Bank (AUB) and East West Banking Corp. (EWB). Both AUB and EWB said they immediately acted on these reports.

Later in the day, GCash said they had already adjusted the e-wallets of all affected GCash users.

“We wish to reiterate that our customers did not lose their funds on GCash. The app is now up for service, so you can safely proceed with your regular transactions,” it said.

“Rest assured, your funds are intact, safe, and secure with GCash. Our proactive cybersecurity policies are in place to protect our customers, as the safety and security of your account is our top priority.”

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It also urged users to remain vigilant during their online transactions.

“GCash will never send emails or messages with links or reach out to customers via calls or other messaging platforms. We are also reminding everyone to never share their MPIN and one-time password with anyone and to report suspicious activities,” it said.

GCash, operated by Mynt (formerly Globe Fintech Innovations Inc.), has over 79 million registered users.

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