A party-list group expressed concern as to who is responsible for holding digital wallet providers accountable when system glitches occur and a consumer’s hard-earned money is compromised.
CLICK party-list first nominee and lawyer Nick Conti raised the issue after the Department of Information and Communications Technology said it currently lacks the authority to monitor or investigate fintech firms when such issues arise.
Over the weekend, users of the digital wallet GCash reported unauthorized transactions.
GCash, operated by G-Xchange Inc., explained corrections were made to prevent a recurrence of the inadvertent debits, which had affected several users due to errors in its system reconciliation process. Globe Telecom Inc. President and CEO Ernest Cu said no unauthorized fund losses occurred.
But Conti emphasized the need for the government to have the authority to investigate private institutions in cases of cybersecurity concerns.
“E-wallets like GCash have become essential for millions of Filipinos, providing convenience and expanding access to financial services,” Conti said.
“However, that convenience must come with a guarantee of safety, especially for users who entrust these platforms with their hard-earned money. Recent incidents highlight the need for stronger security measures and safeguards.”
As a digital technology advocate, CLICK party-list is pushing for the passage of the proposed Cybersecurity Act, which would create a National Cybersecurity Council. This council would be responsible for “enhancing public-private partnerships in information sharing related to cyberattacks, threats, and vulnerabilities.”
The group also plans to focus the establishing of a Digital Wallet Ombudsman within the DICT.
This dedicated office would address complaints, oversee investigations into security incidents, and enforce penalties on platforms found negligent in safeguarding user data and funds, Conti said.
“We need an advocate for consumer rights in the digital economy, someone to hold e-wallet providers accountable and ensure they meet the standards expected of them,” Conti added.
