Electronic wallets (E-wallets) have gained popularity recently as a quick and safe method of conducting transactions. However, with the rise of digital payment methods, incidents of e-wallets losing money have also been on the rise. Gcash for example— a famous e-wallet provider in the Philippines, has several cases where e-wallet users have lost money from their accounts.
Some reports on social media claim that they lost almost 40,000 pesos. This happened when the user was on vacation and has no signal yet someone was able to access her account and transfer all her money worth 44,321 pesos— with no one-time pin (OTP) being asked on the account.
An official statement regarding the situation from Gcash is still pending.
On the other hand, one of the famous e-wallets, Paypal, also had some issues with their system. Recent reports from users state that they are unable to pay bills with their Fold card for several days which caused inconvenience and frustration. Some have also reported that they are unable to pay bills for utilities, rent, and other essential expenses.
Paypal already released a statement addressing their awareness of this incident and is now working on the issue.
Increased inspection of the security and dependability of digital payment systems is required in light of recent occurrences involving e-wallets losing money from their users’ accounts. Individuals and organizations must have a thorough grasp of the dangers that could arise from using e-wallets and other digital payment options.