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EastWest Bank says funds linked to GCash incident frozen

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<div class="embed-wrap"><figure data-feedback="fb:likes,fb:comments"><img alt="EastWest Bank says funds linked to GCash incident frozen" src="https://sa.kapamilya.com/absnews/abscbnnews/media/2023/business/05/11/gcash-eastwest-logo-5112023.jpg"/></figure></div><p><br/>MANILA - EastWest Bank on Thursday said it has frozen a &quot;substantial anount of funds&quot; related to unauthorized transfers from GCash as it continues to cooperate with the fintech firm in the investigation of the incident. </p><p>In a statement EastWest said its fraud detection team was able to immediately address and prevent the considerable loss of funds related to the GCash incident on May 8. </p><p>&quot;We are just awaiting a claim from the said institution. In the meantime, the funds have been preserved and we are cooperating actively with the relevat parties,&quot; said Renato Lozon, East West&#x27;s head of Enterprise Fraud and Investigation.</p><p>The bank advised affected GCash users to contact the Ayala-led fintech directly. </p><p>EastWest was one of two banks that had accounts which received unauthorized transfers from GCash. Asia United Bank was the other.</p><p>GCash on Tuesday said it has already &quot;adjusted&quot; the e-wallets of users affected in the unauthorized transfers.</p><p>At least 300 people in a Facebook Group said they were GCash users whose e-wallets lost funds in the incident. </p><p>The company has been ordered by the Bangko Sentral ng Pilipinas and the National Privacy Commission to explain how the incident happened. </p><div> </div><ul class="op-related-articles">	<li><a href="https://news.abs-cbn.com/video/business/05/10/23/gcash-urged-to-explain-glitch-to-regain-public-trust">GCash urged to explain glitch in order to regain public trust</a></li>	<li><a href="https://news.abs-cbn.com/business/05/10/23/remulla-says-gcash-has-no-liability-if-glitches-rectified">Remulla says GCash has no liability if ‘glitches’ rectified</a></li></ul><figure class="op-interactive"><iframe allow="autoplay; fullscreen" frameBorder="0" height="100%" id="ivsplayer01" scrolling="no" src="https://player.ivideosmart.com/ivsplayer/v4/dist/html/iframe-src.html?iframeid=ivsplayer01&amp;key=e8c22c015ca9eafa76f1e3edfa03c603&amp;spid=3001339&amp;vid=2611855" width="100%"></iframe></figure><div class="iwantbar">Watch more News on <a href="https://www.iwanttfc.com/#!/browse/Genres/News/tag_id_genres/id_news" target="_blank">iWantTFC</a></div>

EastWest Bank advised affected GCash users to contact the Ayala-led fintech directly. 