Bangko Sentral, BDO assure reimbursement for hacking victims


(Photo from sminvestments.com)


As more complaints about the hacking of BDO Unibank, Inc. accounts were posted on social media Sunday, Dec. 12, 2021, Bangko Sentral ng Pilipinas (BSP) Gov. Benjamin E. Diokno said they have been coordinating closely with both BDO and Union Bank of the Philippines to ensure that the affected consumers would be reimbursed.


He also vowed to ensure the safety and integrity of the country’s financial system as well as the protection of financial consumers.


Funds from the hacked BDO accounts were transferred to UnionBank, based on screenshots of the unauthorized transactions. Each transaction transferred P50,000, the maximum amount that customers can transfer per transaction via electronic fund transfer service InstaPay.


“The BSP has been monitoring the surge in complaints posted in social media platforms since the early part of this week. We are in close coordination with BDO as well as UBP on this incident to ensure that remedial measures are being undertaken, including reimbursement of affected consumers,” Diokno said Sunday.


“BSP will do everything to ensure the safety and integrity of the financial system as well as the protection of financial consumers,” he added.


In a separate statement Sunday, BDO said it has “implemented additional security controls to block further attempts.” Customers are prompted to change their password upon login, among others.


“We are aware of a sophisticated fraud technique which has affected some of our clients. We assure you that we have already implemented additional security controls to block further attempts and continue to protect bank credentials,” the bank said.

“Most recently, we have required our online banking users to update their passwords. Changing their password improves account security and prevents fraudsters from accessing their hard-earned money,” the bank added.


The bank also assured that affected innocent clients will be reimbursed for their losses.

“Cybersecurity is a focal point of the banking sector. We at BDO are continuously investing and working towards improving our security infrastructure to protect our clients’ money. While we have put back-end measures in place, we appreciate our clients’ continued vigilance to combat fraud,” the bank said. (MTVI/Ventures Cebu)

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