MANILA: Lawmakers at the House of Representatives are seeking an investigation into unauthorized transactions and financial losses reported by users of electronic wallet (e-wallet) platform GCash. They said GCash's response of 'errors in an ongoing system reconciliation process' was insufficient. According to Philippines News Agency, in filing House Resolution No. 2068 on Monday, the Makabayan bloc urged the Committee on Banks and Financial Intermediaries and the Committee on Information and Communications Technology to investigate the system glitch. The group stressed the urgent need for stronger regulations for financial technology companies and enhanced consumer protection. The Makabayan bloc, composed of Gabriela Women's Party Rep. Arlene Brosas, ACT Teachers Party-list Rep. France Castro, and Kabataan Party-list Rep. Raoul Manuel, emphasized the serious concerns raised by these unauthorized transactions regarding the platform's security measures and consumer protection protocols. The lawmakers noted that GCash, which serves approximately 94 million users in the country, previously faced similar security issues. In 2023, multiple users reported unauthorized deductions and "hacking incidents" amounting to an aggregate loss of PHP37 million, the bloc said. They further asserted that GCash should be held accountable for these irregularities that affect Filipinos who rely on the platform for their daily financial transactions. In response, GCash has assured its users that their money and accounts are safe, describing the recent security breaches as isolated events.