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BSP coordinating with BDO, UnionBank over unauthorized transfers

Bangko Sentral ng Pilipinas Governor Benjamin Diokno said Sunday the BSP is closely looking at the issue of data breach involving certain BDO Unibank Inc. accounts and that they are coordinating with its stakeholders for the reimbursement of the reported unauthorized bank transfers.

“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 in a series of tweets.

He added that the BSP will continue to coordinate with their stakeholders “to ensure the safety and integrity of the financial system as well as the protection of financial consumers.”

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

This comes after reports over the weekend that a number of clients of the Sy-led lender fell victim to fraudulent schemes, with the firm saying it will reimburse losses of the affected clients.

“We are aware of a sophisticated fraud technique that 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,” it said in a statement sent via mobile message.

The lender also said that cybersecurity remains a focal point of the banking sector, and that it is continuously investing and working to improve its security infrastructure and protect client’s money.

“We thank our clients for their patience and cooperation in protecting their online bank accounts. We assure our affected innocent clients that we will reimburse their losses,” it said.

In a Facebook post on Saturday, BDO Unibank urged its customers to change their passwords to protect their account, especially now when many employees have been receiving their bonuses in time of the Christmas season.

“Change your password to protect your account. Bonus season means scammers and hackers are more active than ever,” the post read.


The funds supposedly duped from BDO account holders were reportedly then transferred to accounts under the Union Bank of the Philippines to acquire cryptocurrencies.

GMA News Online has reached out to the UBP for comment, but the firm said it is still verifying the reports. —LBG/KG, GMA News