BDO denies revision in its T&C on liability clause after online banking breach
MANILA, Philippines — The country’s largest bank has refuted claims that it updated its terms and conditions on liability clause after a recent security breach on its online transactions.
“There was no added clause due to the recent incident. BDO made exceptions and shouldered the losses not caused by the clients to maintain good customer relationship even if the Bank is not legally liable,” BDO Unibank said in a statement on Tuesday.
The bank was addressing circulating posts on social media claiming that there was a revision of the terms and conditions which stated that it would not be liable for any loss or damage from improper transactions on online banking accounts.
“Liability clause is a regular compliance in the banking industry. This has been part of the normal compliance for a long time,” BDO said.
Earlier in December, hundreds of BDO clients were affected by unauthorized withdrawals after a “sophisticated fraud technique.” Based on the initial investigation, the funds were transferred to Unionbank accounts, which were then used to purchase cryptocurrencies.
The National Privacy Commission is investigating a possible personal data breach in the incident.
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