Landbank backs NBI probe on teachers’ missing money

The state-run Land Bank of the Philippines (Landbank) on Saturday said it is cooperating with the National Bureau of Investigation (NBI) in its probe of alleged phishing which wiped out some teachers’ bank accounts.

“We will actively participate in this investigation and extend full cooperation to the NBI with the end in mind of further securing our depositors’ hard-earned money. We are also reaching out to the affected teachers and conducting an internal investigation on their complaints,” Landbank president and chief executive Cecilia Borromeo said in a statement.

The Department of Justice (DOJ) last week directed the NBI to look into the complaint of Teachers’ Dignity Coalition after some of its members lost between P26,000 and P121,000 each when their Landbank accounts were allegedly hacked.

Landbank’s own probe had shown that a phishing scam supposedly victimized public school teachers whose accounts lost money.

Phishing happens when a bank customer receives an email directing the unsuspecting client to click an attached file or link. In turn, it enables the scammer to access the victim’s bank information. Phishing emails usually do not look suspicious because scammers make them look like legitimate bank emails.

Also, Borromeo said they were coordinating with the Department of Education (DepEd) “for the list of teachers who were reportedly victimized through phishing, as Landbank conducts its own investigation into their accounts.”

Borromeo maintained that Landbank’s systems were “stable and secured” from hacking.

“Part of the security measures [being implemented] is the use of the client’s mobile number to receive one-time passwords (OTPs) in authenticating digital financial transactions when using the Landbank mobile banking app or iAccess, instead of email,” the bank said.

“Clients with outdated mobile phone numbers linked to their online banking accounts must update their phone number with Landbank. They are advised to visit the iAccess website, download and fill-out the enrollment form, and send the completed form to their branch of account with a copy of a valid ID. They may also use the self-service option found in the iAccess to update their iAccess profile,” it added.

Landbank urged its customers to “remain vigilant against phishing scams and all other forms of online banking fraud, and to refrain from opening suspicious emails, links and attachments, and sharing of account and personal information.”