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BDO starts processing reimbursement of 700 clients affected by unauthorized bank transfers

Sy-led BDO Unibank Inc. on Tuesday said it is now processing the reimbursement of hundreds of clients affected by the recent incidents of unauthorized bank transfers.

In a statement, BDO said it has been processing the reimbursement of close to 700 clients affected by the recent online fraudulent transactions.

“We have requested our clients to go to their branch of account and submit documentation to get the refund. The Bank will shoulder the losses perpetuated by this cybercrime incident,” BDO said.

The bank said it has been working closely with the appropriate authorities and the Bangko Sentral ng Pilipinas (BSP) to prevent similar incidents from happening again.

Over the weekend, victims took to social media to report unauthorized withdrawals made from their BDO accounts and transferred to the accounts of a certain "Mark Nagoyo" with Union Bank of the Philippines (UBP).

The funds taken from BDO account holders were reportedly transferred to the fictitious accounts to acquire cryptocurrencies.

BDO previously said it will reimburse losses of the “affected innocent clients” and will continue with its push to boost its cybersecurity efforts to improve its infrastructure and protect clients’ money.

The BSP has formed a task force to into the incident. The task force was given 30 days to come up with a recommendation regarding possible sanctions and penalties.

The central bank earlier said it is looking into the matter and is in close coordination with both BDO and the Union Bank of the Philippines.

The BSP has also received information that the incident involved a 10-year-old service of the Sy-led lender which is already due for phase-out in 2022.

GMA News Online has earlier reached out to UnionBank for comment, but the firm said it is still verifying the reports.

The Bankers Association of the Philippines (BAP) over the weekend called on the public to be more vigilant against cyberattacks. --KBK, GMA News