BSP Coordinating with BDO to Investigate Hacking Complaints

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As more Filipinos express their concerns on social media about their hacked BDO accounts, the Bangko Sentral ng Pilipinas (BSP) has assured them that they are coordinating with the bank to ensure the victims are reimbursed.

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“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,” BSP Governor Benjamin Diokno said in a tweet last Sunday.

Customers posted on social media about unauthorized transactions. Some accounts lost up to PHP 50,000 without their knowledge. Some Unionbank accounts that received money from these hacked BDO accounts have been frozen.

President of UnionBank Edwin Bautista said. “We will not hesitate to take legal action against individuals who use their accounts to facilitate criminal activities,”

BDO said that the incident was caused by a 10-year old web service that is being prepared to be phased out and that the replacement for said service will be available early next year.

“We have already implemented additional security controls to block further attempts and continue to protect bank credentials,” BDO President Nestor Tan said in a statement.

Amidst these digital criminal activities, Filipinos are urged to be more vigilant in securing their credentials and on how they use or access their bank accounts.

“Be even more vigilant in the light of the rising number of cybercrime incidents around us. You will never be a victim of cybercrime if you would never give your personal information, such as  One-Time Password, to other people. If you do not give your personal information to others, cybercriminals will never be able to steal your money.” said Jose Arnulfo Veloso President of the Bankers Association of the Philippines.

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Started his freelancing adventure in 2018 and began doing freelance Audio Engineering work and then started freelance writing a few years later.

Currently he writes for Gadget Pilipinas and Grit.PH.

He is also a musician, foody, gamer, and PC enthusiast.

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