The BSP statement said it has finished the validation concerning the incident that started from a compromised online web security service and involved unapproved authority of BDO inventories and transactions for the most part to UnionBank inventories.
“Have confidence that we proceed to work together and draw in partners to guarantee the protection, security and integrity of the financial system, as well as the insurance of financial consumers.”
Some BDO members have posted via Facebook odd exercises including their bank records, with one person supposedly losing as much as Fifty Thousand Pesos (P50K) in the unapproved transaction. This BDO member supposedly sent out P10,000 to a UnionBank member alias "Mark".
The Financial Board requested sanctions on BDO & UnionBank over attacks on hacked accounts last year December 2021, as indicated by the BSP. A few clients of BDO took to social media to gripe about unapproved transactions from their records to made-up accounts at UnionBank.
In the meantime, have been looking for review in a public Facebook group named "Virtual Assistant Jobs Philippines". The Facebook group has over 150,000+ members as of now.
In January, the NBI captured 3 Filipinos and 2 Nigerians who were supposedly associated with the hacking attacks.
In any case, the BSP gave no insights concerning the discipline for the 2 banks, just saying that the authorizations were forced to stress the significance of consistently upgrading risk management frameworks implying cybersecurity protection, anti-fraud, and anti-money laundering, and fighting criminals.
Edwin R. Bautista, CEO of UnionBank said the BSP didn't force financial punishments.
Nestor V. Tan, CEO of BDO, said the bank would follow the BSP's approvals on Viber “We will work with the BSP to ensure a more secure banking environment,” he added.
In deciding on sanctions, the BSP said it took into consideration the corrective actions implemented by both banks related to the cyber incident, including BDO’s move to reimburse the funds of its affected clients.
The sanctions forced accentuate the significance of ceaselessly improving gamble the executive's systems including internet safety, hostile to tax evasion or anti-money laundering, and fighting illegal intimidation and multiplication support.
The sanctions also support the requirement for banks to take a proactive position in it and are sufficiently safeguarded to guarantee that their investors.