English
Philippines: BDO reimburses 94% of hacked clients
LISTED BDO Unibank Inc. has already refunded 94 percent of almost 700 clients whose accounts were hacked in December last year, according to the Bangko Sentral ng Pilipinas (BSP).
“BDO has already reimbursed 94 percent of all affected customers and has assured us that remaining clients will be fully reimbursed for their losses,” BSP Governor Benjamin Diokno announced on Wednesday.
Moreover, he said that according to reports from the central bank’s monitoring team, both BDO and Union Bank of the Philippines have offered their full assistance in the continuing investigation, which is now in its advanced stages.
The hacking was discovered on Dec. 11, 2021 when BDO consumers reported fraudulent transactions from their accounts to a UnionBank account holder named “Mark Nagoyo.” The Bangko Sentral said hackers transferred funds stolen from BDO clients to other financial institutions other than UnionBank.
In late January this year, the National Bureau of Investigation arrested two foreigners who were identified as Nigerians and three Filipinos for their alleged involvement in the cyberattack.
Several days later, the Department of Justice charged Jherom Anthony Taupa, Ifesinachi Fountain Anaekwe, Ronelyn Panaligan also known as (aka) Luka Hanabi and Clay Revillosa aka X-men for violations of Republic Act (RA) 8484 or the “Access Devices Regulation Act of 1998” and RA 10175 or the “Cybercrime Prevention Act of 2012.”
In its efforts to boost cybersecurity, Diokno promised that the BSP will continue to work with law enforcement authorities, appropriate government bodies, such as the Anti-Money Laundering Council and important stakeholders.
It is also working closely with the Philippine Congress to pass anti-mule accounts and SIM registration legislation.
“These measures are seen to deter fraud and other financial crime and improve the handling of consumer complaints. Together with the recently passed Financial Consumer Protection Act, we will raise standards for market discipline, fair treatment and transparency for the benefit of financial consumers,” the central bank chief noted.
Source: https://www.manilatimes.net/2022/02/17/business/corporate-news/bdo-reimburses-94-of-hacked-clients/1833183