BDO Unibank, Inc. has already reimbursed nearly all account holders affected by a cyberattack late last year, Bangko Sentral ng Pilipinas (BSP) Governor Benjamin E. Diokno said.

“BDO has already reimbursed 94% of all affected customers and has assured us that remaining clients will be fully reimbursed for their losses,” Mr. Diokno told reporters via Viber message.

Mr. Diokno said the central bank’s oversight examination team reported that both BDO and UnionBank of the Philippines, Inc. are fully cooperating with authorities for the ongoing investigation, which is at an advanced stage.

“The BSP continues to coordinate with law enforcement agencies, relevant government bodies, including the Anti-Money Laundering Council, and key stakeholders in our efforts to strengthen cybersecurity,” he said.

Social media users claiming to be BDO clients said they were notified of fund transfers to a UnionBank account under “Mark Nagoyo”.

Last month, the National Bureau of Investigation arrested five individuals identified to be involved in the incident that affected over 700 BDO account holders.

The Bankers Association of the Philippines earlier this month partnered with the Department of Justice for cybersecurity information sharing and training.

The proposed Financial Consumer Protection Act has been approved by both Houses and is waiting for the signature of President Rodrigo R. Duterte. Once legislated, regulators like the BSP will be given powers to order the reimbursement of lost funds.

“We are working closely with the Philippine Congress for the passage of measures on SIM registration and anti-mule accounts. These measures are seen to deter fraud and other financial crime and improve the handling of consumer complaints,” Mr. Diokno said. — L.W.T. Noble

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