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Manila Bulletin devider Business devider BDO to reimburse 700 clients

BDO to reimburse 700 clients

Published Dec 14, 2021 04:09 pm

BDO Unibank Inc. said Tuesday, Dec. 14, that it will return some 700 hacked depositors’ cash soon.

BDO said it is 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,” said BDO.

The SM Group-owned BDO reiterated that it is working closely with the Bangko Sentral ng Pilipinas (BSP) and other “appropriate authorities” to “prevent further occurrence” of the hacking incident.

Over the weekend, when BDO suffered the hacking crisis due to “sophisticated fraud technique”, it has assured affected clients that they will reimburse their losses.

BDO said they have “already implemented additional security controls to block further attempts” and to “continue to protect bank credentials. It also reminded clients to regularly update their passwords to improve account security and to block unauthorized access to their deposits.

BDO is the country’s biggest bank. When news broke out that its cybersecurity controls was breached, it had to report the incidence to the BSP within the hour. Stolen funds from BDO clients were transferred to Union Bank of the Philippines.

The BSP is currently conducting its own investigation on the involvement of Unionbank clients to the hacking incident.

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