With GCash being able to avert a potentially big crisis for them by foiling a large-scale hack attempt, the BSP is set to conduct its own investigation on the unauthorized transactions.
BSP Deputy Governor for the Payments and Currency Management Sector Mamerto Tangonan has confirmed to GMA News that the recent set of unauthorized transactions has been reported by G-Xchange Inc. (GXI), the mother company of GCash.
“BSP has started looking into this to get to the bottom of this incident and determine the facts to guide appropriate action and GXI will be submitting the required regulatory report to BSP,” Tangonan said in an email he sent to GMA News.
GCash is registered as a non-bank financial institution electronic money issuer (EMI-NBMF), which explains why it did its due diligence to report the series of unauthorized transactions to BSP as well.
Aside from GCash, Tangonan said that they are also talking to EastWest Bank and Asia United Bank (AUB)–the two banks involved in the series of unauthorized transactions–to further investigate the matter.
Beyond the BSP, Congress also seeks to launch its own inquiry into the incident. “It is the duty of Congress to protect the interests and welfare of the Filipino people and ensure that digital platforms like GCash operate within the bounds of the law,” House Deputy Minority Leader Bernadette Herrera said under House Resolution 963.
