{"id":330338,"date":"2024-11-12T08:45:44","date_gmt":"2024-11-12T00:45:44","guid":{"rendered":"https:\/\/www.pinoyinvestor.com\/smartinvestor\/?p=330338"},"modified":"2024-11-12T08:45:48","modified_gmt":"2024-11-12T00:45:48","slug":"trade-the-news-glos-gcash-says-missing-funds-issue-fixed","status":"publish","type":"post","link":"https:\/\/www.pinoyinvestor.com\/smartinvestor\/trade-the-news-glos-gcash-says-missing-funds-issue-fixed\/","title":{"rendered":"Trade the News: GLO’s GCash says missing funds issue now fixed"},"content":{"rendered":"\n
Potential Impact of this News<\/strong><\/td>NEGATIVE on the stock price<\/strong><\/td><\/tr>
Company<\/strong><\/td>Globe Telecom<\/td><\/tr>
Stock Code<\/strong><\/td>GLO<\/td><\/tr>
Long-term Recommendation on the Stock<\/strong><\/td>Buy<\/td><\/tr>
1-Year Target Price<\/strong><\/td>PHP 2,689.32<\/td><\/tr><\/tbody><\/table><\/figure>\n\n\n\n
<\/div>\n\n\n\n

Globe Telecom (GLO)’s GCash announced on Sunday it had fixed the system issues that caused missing funds and unauthorized transactions for some users.<\/p>\n\n\n\n

\u201cGCash has completed the necessary wallet adjustments to its affected users,\u201d GCash said in a statement.<\/p>\n\n\n\n

\u201cRest assured that customer accounts are safe, and customer account security will always be our top priority,\u201d it added.<\/p>\n\n\n\n

This announcement followed reports on Saturday of missing funds and unauthorized transactions, which GCash attributed to its ongoing system reconciliation process.<\/p>\n\n\n\n

The company has not yet disclosed the number of users impacted by the system issue.<\/p>\n\n\n\n

The incident is being investigated, according to Department of Information and Communications Technology (DICT) Undersecretary Jeffrey Ian C. Dy.<\/p>\n\n\n\n

\u201cI spoke with GCash and asked them if this was a hacking incident or a cybersecurity incident and if they need the assistance of the National Computer Emergency Response Team. They assured us that it was not, but the DICT is investigating the issue,\u201d he said in a phone interview on Sunday.<\/p>\n\n\n\n

Digital Pinoys national campaigner Ronald B. Gustilo said that appropriate measures should be considered.<\/p>\n\n\n\n

\u201cThis 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 in e-wallet providers to secure their funds. The funds lost due to unauthorized transactions should be returned immediately,\u201d he said in a Viber message.<\/p>\n\n\n\n

\u201cGCash is very big right now, and if they are affected, it is a concern for the Republic. We will investigate this issue. But I think for the penalty, we should ask the Bangko Sentral ng Pilipinas, but that would depend on the results of the investigation if we found negligence on their part,\u201d DICT\u2019s Mr. Dy said, noting that the department is also willing to help strengthen GCash\u2019s cybersecurity.<\/p>\n\n\n\n

Mr. Gustilo said that while returning the lost money due to unauthorized transactions is important, it may not fully address the inconvenience experienced by affected account holders.<\/p>\n\n\n\n

(News Source: Business World<\/a>)<\/em><\/p>\n\n\n\n

<\/div>\n\n\n\n

This report is prepared by PinoyInvestor\u2019s partner broker below. Find out more about our partner brokers<\/a> and sign up to avail their complete trading brokerage services.<\/em><\/em><\/em><\/p>\n","protected":false},"excerpt":{"rendered":"

Take advantage of the price opportunity that might arise when the news hits. Trade the news!<\/p>\n","protected":false},"author":11,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[1371],"tags":[],"class_list":["post-330338","post","type-post","status-publish","format-standard","hentry","category-trade-the-news","generate-columns","tablet-grid-50","mobile-grid-100","grid-parent","grid-33"],"_links":{"self":[{"href":"https:\/\/www.pinoyinvestor.com\/smartinvestor\/wp-json\/wp\/v2\/posts\/330338","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.pinoyinvestor.com\/smartinvestor\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.pinoyinvestor.com\/smartinvestor\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.pinoyinvestor.com\/smartinvestor\/wp-json\/wp\/v2\/users\/11"}],"replies":[{"embeddable":true,"href":"https:\/\/www.pinoyinvestor.com\/smartinvestor\/wp-json\/wp\/v2\/comments?post=330338"}],"version-history":[{"count":1,"href":"https:\/\/www.pinoyinvestor.com\/smartinvestor\/wp-json\/wp\/v2\/posts\/330338\/revisions"}],"predecessor-version":[{"id":330340,"href":"https:\/\/www.pinoyinvestor.com\/smartinvestor\/wp-json\/wp\/v2\/posts\/330338\/revisions\/330340"}],"wp:attachment":[{"href":"https:\/\/www.pinoyinvestor.com\/smartinvestor\/wp-json\/wp\/v2\/media?parent=330338"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.pinoyinvestor.com\/smartinvestor\/wp-json\/wp\/v2\/categories?post=330338"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.pinoyinvestor.com\/smartinvestor\/wp-json\/wp\/v2\/tags?post=330338"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}