The Philippine government stated on Tuesday, November 12, that it is investigating possible violations of cybersecurity following reports of unaccounted transfers from GCash wallets to outbound. The Deputy Minister of Information and Communications Jefferie Day stated that they are working on modeling a possible attack using authentication methods that could have bypassed single-use passwords to identify potential violations.
The National Commission on Confidentiality is also collaborating with the relevant electronic wallet within the framework of the investigation. "If this is a cyberattack, we need to be informed to prevent it and other electronic wallets... To prevent the spread and protect ourselves collectively," Day noted.
GCash previously admitted to a system error in their agreement, which resulted in the loss of account balances for some users. "Sometimes this happens in banks when there are report discrepancies. I don't get it, since electronic wallets function in real-time. Put money in different positions," Day commented.
