Solons seek inquiry into security of banks’ internal systems after BPI glitch

A House resolution has been filed seeking an inquiry into the Bank of Philippine Islands’ internal data processing error that caused debits or credits in their clients’ accounts. 

House Resolution 1072 was filed by Ako Bicol party-list Reps. Rodel Batocabe, Alfredo Garbin, and Christopher Co on Thursday.

The three are seeking a probe “into the security and stability of bank internal systems,” to be conducted by the committee on banks and financial Intermediaries, following the incident earlier this week.

Ako Bicol Party-list representatives file resol'n seeking inquiry on BPI glitch. pic.twitter.com/qPKr2GRdAi

— Aica Dioquino (@AicaDioquino) June 8, 2017

The lawmakers said the system glitch “brought considerable panic” to the public.

“Considering that banking and financial institutions are businesses imbued with public interest, it is therefore necessary for us to inquire into and find out about the internal error in BPI, which caused panic among many of our constituents, which even worsened an already unstable public perception regarding security of our institutions in light of other recent threats to security,” they said.

“We need to conduct an investigation to find out about the root cause of the BPI internal error and to determine the most suitable safeguards in order to prevent such future incidents from happening not only in BPI but in other banks and financial institutions,” they added.

The incident led BPI to suspend electronic access to accounts, fixing the glitches that had clients fuming over inaccurate amounts they saw upon checking.

The bank has assured that no money would be lost, and also called on those who saw additional funds in their accounts not to withdraw them.

BPI announced that it has fixed the glitches, and resumed access to ATMs as of 10 p.m. Wednesday.  

But early Thursday, BPI said its electronic services will be deactivated anew on Thursday, as several accounts still reflect incorrect balances after the glitch in its system. — RSJ, GMA News