A network of digital advocates urged e-wallet platform Gcash to immediately return funds lost to unauthorized transactions.
Digital Pinoys national campaigner Ronald Gustilo said that the issue of unauthorized transactions has continuously hounded Gcash subscribers, despite efforts to improve the security of its application.
“This issue has been long running and it seems that despite previous complaints, it has remained unresolved. This is alarming for consumers who put their trust on e-wallet providers to secure their funds. The funds lost due to unauthorized transactions should be returned immediately.”
Gustilo also said that the Department of Information and Communications Technology should investigate this incident thoroughly and impose penalties on Gcash if found guilty of negligence since this incident is not the first time.
Gustilo added that this incident should also serve as a reminder to all to never store huge amounts of money in e-wallet platforms. Consumers patronizing e-wallet and online banking platforms should also refrain from using unregulated websites such as illegal online gambling platforms and unregistered crypto exchanges.
“E-wallet platforms do not provide the same security as banks. Consumers should not store huge amounts of money in their e-wallet accounts as the funds are not insured, unlike those in banks. Consumers should also refrain from patronizing illegal gambling sites and unregistered crypto exchanges as they are not regulated by the government. Once e-wallet or online banking credentials are logged-in to the illegal platforms, the risk of losing your money is definite.”
