Some House lawmakers on Monday called for an investigation into reported unauthorized banking transactions involving certain BDO Unibank Inc.
In tabling House Resolution 2405, Bayan Muna Representatives Ferdinand Gaite, Eufemia Cullamat and Carlos Zarate urged the House Committee on Banking and Financial Intermediaries to investigate, in support of the legislation, the reported fraudulent banking transactions.
“More than admitting the occurrence of a security breach or fraud and pursuing reactive measures, members of the banking industry, as well as the BSP, should put in place more measures and policies to protection to safeguard the public interest and the integrity of banking transactions,” the lawmakers said.
“In addition, there is an immediate need to promptly reimburse affected consumers for their lost hard-earned money,” they added.
Albay Rep. Joey Salceda is also calling for a congressional investigation into the alleged bank account hack.
He tabled House Resolution 2406 calling on the House Committees on Public Order and Safety and Public Accounts “to conduct hearings, in support of legislation, on law enforcement capacity to apprehend, detect, investigate and prosecute financial cybercrimes”.
Additionally, Salceda also filed House Resolution 2407 urging the Committee on Banks and Financial Intermediaries “to conduct hearings, in support of the legislation, on safety and security measures and protection mechanisms.” of users set up by banks and providers of electronic payment solutions to protect their customers against being the victim of fraud.
Salceda said the public has now opted to use digital payment transactions due to mobility restrictions and convenience, even “without adequate protection from banks for their retail users”.
He pointed out that law enforcement agencies do not have specific financial crime units that are otherwise typical in other countries.
“Financial crimes similar to the reports could be prosecuted under the aforementioned provision of Republic Act No. 10175 if law enforcement has the ability to apprehend, detect, and investigate financial cyber crimes” , said Salceda.
Republic Act No. 10175 or the Cybercrime Prevention Act, criminalizes computer fraud or the unauthorized entry, alteration, or deletion of computer data or programs or interference with the operation of a system computer, thereby causing damage with fraudulent intent.
It was reported over the weekend that a number of BDO clients fell victim to fraud schemes, with the company saying it would refund affected clients’ losses.
The BSP is already looking into the issue of the data breach involving certain BDO accounts. It also coordinates with its stakeholders for the reimbursement of reported unauthorized bank transfers.
The BSP is committed to exhausting all means to ensure the security of online banking transactions.
The BDO, meanwhile, called on its customers to change their passwords to protect their accounts, especially at this time when many employees received their bonuses in the middle of the holiday season.—AOL, GMA News
