MANILA - EastWest Bank on Thursday said it has frozen a "substantial anount of funds" related to unauthorized transfers from GCash as it continues to cooperate with the fintech firm in the investigation of the incident.

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.

"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," said Renato Lozon, East West's head of Enterprise Fraud and Investigation.

The bank advised affected GCash users to contact the Ayala-led fintech directly.

EastWest was one of two banks that had accounts which received unauthorized transfers from GCash. Asia United Bank was the other.

GCash on Tuesday said it has already "adjusted" the e-wallets of users affected in the unauthorized transfers.

At least 300 people in a Facebook Group said they were GCash users whose e-wallets lost funds in the incident.

The company has been ordered by the Bangko Sentral ng Pilipinas and the National Privacy Commission to explain how the incident happened.

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