BDO to reimburse clients hit by online banking fraud

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

In a statement, the BDO said it is aware of a “sophisticated fraud technique” that has affected some of its clients. The bank management assured that they have already implemented additional security measures to block further attempts for unauthorized transactions and to protect bank credentials.

“Most recently, we have required 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 clients for their patience and cooperation in protecting their online bank accounts. We assure our affected innocent clients that we will reimburse their losses,” it added.

According to social media posts of some victims, the fund transfers from BDO clients were sent to a UnionBank account of a certain “Mark Nagoyo.” A public group named “Mark Nagoyo BDO Hacked,” now with over 2,200 members, has been created following the incidents.

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

“The BSP has been monitoring the surge in complaints posted in social media platforms since the early part of this week. We are in close coordination with BDO as well as UBP on this incident to ensure that remedial measures are being undertaken, including reimbursement of 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 protection of financial consumers,” he added.

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