BDO reimburses customers affected by online banking fraud

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MANILA, Philippines — BDO Unibank on Sunday assured customers who were affected by reported unauthorized transactions made to their online bank accounts that losses will be refunded.

In a statement, the BDO said it was aware of a “sophisticated fraud technique” which affected some of its customers. The bank’s management said it had already implemented additional security measures to block further attempts at unauthorized transactions and to protect banking credentials.

“More recently, we asked our online banking users to update their passwords. Changing their password improves account security and prevents fraudsters from accessing their hard-earned money,” the statement read.

“We thank our customers for their patience and cooperation in protecting their online bank accounts. We assure our innocent concerned customers that we will repay their losses,” he added.

According to social media posts by some victims, remittances from BDO clients were sent to a UnionBank account of a certain “Mark Nagoyo”. A public group named “Mark Nagoyo BDO Hacked”, which now has more than 2,200 members, was created following the incidents.

Bangko Sentral ng Pilipinas (BSP) Governor Benjamin Diokno said they are already coordinating with BDO and UnionBank on this.

“BSP is monitoring the increase in complaints posted on social media platforms since the beginning of this week. We are in close coordination with BDO as well as UBP on this incident to ensure corrective action is taken, including refunding affected consumers,” Diokno said on Twitter.

“Rest assured that we continue to collaborate and engage stakeholders to ensure the safety and integrity of the financial system as well as the protection of financial consumers. BSP will do everything to ensure the safety and integrity of the financial system as well as the financial consumer protection,” he added.


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