Filtered By: Money

LandBank to cooperate with NBI in probe into alleged phishing victimizing teachers

The Land Bank of the Philippines (LandBank) on Saturday said it welcomes the probe of the NBI into the alleged phishing scam that victimized teachers, and added it will fully cooperate in the investigation.

"The Land Bank of the Philippines (LANDBANK) is welcoming the impending investigation by the National Bureau of Investigation (NBI) on the alleged phishing schemes victimizing teachers, following a Department Order issued by the Department of Justice (DOJ) for the NBI to immediately intervene on the matter," the company said in a statement.

“We will actively participate in this investigation and extend full cooperation to the NBI with the end in mind of further securing our depositors’ hard-earned money," LandBank president and CEO Cecilia Borromeo said.

Borromeo added the bank is also conducting its own investigation.

He also said the LandBank is coordinating with the Department of Education for the list of teachers reportedly victimized in the alleged scam.

"We are also reaching out to the affected teachers and conducting an internal investigation on their complaints," he said.

The DOJ has directed the NBI to conduct an investigation and case build-up on the alleged phishing schemes against teachers.

In a department order, Justice Secretary Menardo Guevarra also authorized Officer-in-Charge Eric Distor to file the appropriate charges against those found responsible if evidence warrants.

Distor was also directed to submit a report on the progress of the subject investigation and case build-up directly to the Office of the Justice Secretary within 30 days.

This came after the Teachers’ Dignity Coalition said it received a number of reports claiming that teachers lost as much as P121,000 each from their LandBank accounts.

LandBank on Monday denied that its systems were hacked, as it clarified that the supposed unauthorized transactions by two teachers were due to phishing schemes.

Meanwhile, GCash, operated by Globe Fintech Innovations Inc. (Mynt), on Tuesday said it is looking into reports of e-wallets supposedly at the receiving end of stolen money from accounts of teachers with the LandBank.

Borromeo on Saturday assured the public of the security of Landbank's systems.

"In the meantime, we assure our clients and the general public that LANDBANK’s systems remain stable and secured,” he said.

Part of the security measures implemented is the use of one-time passwords (OTPs) when using the Landbank mobile banking app or iAccess, the bank said.

It then advised clients with outdated mobile numbers linked to their online banking accounts to update their contact number with Landbank.

They can do this by going to the iAccess website, downloading and filling out the enrollment form, and sending the same to their branch together with a copy of a valid ID. "They may also use the self-service option found in the iAccess to update their iAccess profile," the bank said.

Meanwhile, LandBank reminded the public to be vigilant against phishing scams and other forms of banking fraud.

It asked the public not to open suspicious emails, links and attachments, not to share account and personal information.

LandBank advised customers to contact their branch or the customer care hotline at (02) 8-405-7000 or 1-800-10-405-7000, or via email at to report fraudulent activities. —KG, GMA News