GCash’s cybertheft incident: ₱37-M worth of transfers foiled

Have you checked if your GCash funds are still intact? 

On May 9, 2023, the widely-used e-wallet of Globe Telecom Inc., GCash, sent its users into a frenzy of rage after reports of cybertheft were posted online by a number of individuals. The application ended up going under maintenance for investigation rendering unusable, much to a lot of people’s dismay. 

Photo from Unsplash

Small withdrawals were made collectively and sent to two recipient bank accounts. Initial estimates placed the total amount of questionable transactions, which came from its users, at ₱37 million, about a few thousands taken per transaction.

After users experienced illicit withdrawals from their personal accounts, GCash reassured its more than 81 million users that the service is still safe to use.

Although it has garnered loyal users over the years because of its accessibility and practicality, people continue to express worries about the platform’s security. Some users have growing doubts about the effectiveness of GCash’s security protocols, especially in light of the growing sophistication of online criminals. 

Photo from GCash
Photo from GCash

Despite the fact that GCash has introduced a number of security features, like two-factor authentication and encryption, it is still important for users to be vigilant and take the appropriate measures to safeguard their accounts.

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5 COMMENTS

  1. I suggest that people stop using this GCash, it was never safe, and it is being used by cyber hackers, how can we trust that our money is still safe, if we already lost thousands of pesos in our gcash account and now i am still paying the loans made by the hackers, in my gcash account.

  2. It’s an insider for sure. Every transaction has a notification. Why is it if it’s an unauthorized transaction there’s no notification?
    Answer that Globe?

  3. gcash help center is not accessible no one is attending to gcash concern its not a 24/7 hotline,, so many have been victimised yet they don’t attend to problems. The culprits don’t identified but they have the identity of those ciber criminals

  4. GCASH IS NEVER SAFE, THEFT IS JUST RIGHT THE CORNER, WILL NEVER TRUST GCASH ANYMORE. IF YOUR COMPANY IS SECURED, FIRST, THINGS LIKE THIS SHOULD NEVER HAPPEN. A LOT OF GCASH THEFT LEFT UNSOLVED. THIS IS HORRIBLE.

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