DAVAO City Councilor Bonz Andre Militar has passed a resolution urging digital wallet issuers to enhance their security measures following unauthorized transactions in GCash.
Militar, chairperson of the Committee on Information Technology, underscored the importance of increasing financial literacy among the public.
He noted that many Filipinos may not fully understand the risks of online transactions or the need to safeguard personal information. Educating Dabawenyos, he said, will help them make informed decisions and protect themselves from cyber threats.
“The recent GCash incident serves as a stark reminder of the potential dangers of relying solely on Digital wallet or E-wallet services," Militar said during his privileged speech on November 12, 2024, at the Sangguniang Panlungsod. "The risks are real and can have devastating consequences for individuals and businesses alike.”
Militar emphasized the need for a balance between innovation and security in the digital age, ensuring that technological advancements do not compromise financial safety.
He shared how the GCash incident, involving unauthorized transactions, affected many Filipinos, including ordinary citizens and small business owners who were “left crippled” by the loss of funds.
Although he praised GCash for its response, Militar called for a thorough investigation into the issue, whether it stemmed from a technical glitch, a cyber attack, or both.
He urged government agencies such as the Bangko Sentral ng Pilipinas (BSP) and the Department of Information and Communications Technology (DICT) to conduct a comprehensive inquiry and strengthen cybersecurity laws and regulations to protect digital platforms like GCash.
The Davao City Council passed a resolution titled "A Resolution Urging All Digital Wallet Issuers to Strengthen their Data Breach Security" in response to the incident.
In a statement, GCash reported that it experienced a loss of funds on November 9 due to "errors in an ongoing system reconciliation process." RGP