While GCash was able to restore the funds initially lost by some of its customers to fraudsters, the Bangko Sentral ng Pilipinas (BSP) said that the digital wallet provider was unable to recover some of the transferred money as they were withdrawn.

The statement came from BSP Governor Felipe Medalla who insinuated that GCash has yet to recover some of the lost money seemingly taken by the perpetrators of the fraud.

“Effectively, GCash is shouldering the difference,” said Medalla, who also repeated an earlier report about the scheme as being a case of phishing rather than a group of individuals breaching the digital payment system.

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Although the central bank chief reassures that the security features of local payment platforms, like GCash, are up to par with the standards, the users are still being reminded to be vigilant.

He emphasizes the non-sharing of one-time passwords (OTP), in particular, claiming it to be the user’s last line of protection. 

Even in the case when a user’s account was accessed illicitly, the funds it contains will not be easily withdrawn from the bank because the OTP is required in the process, per the BSP governor.

Source: ABS-CBN News

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