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October 06, 2022

BDO almost done reimbursing depositors of some 700 hacked accounts

The regulator, the Bangko Sentral ng Pilipinas, on Wednesday said Banco de Oro Universal Bank (BDO) is close to shutting the page for good on accountholders of hacked deposits as the reimbursement process nears completion.

According to BSP governor Benjamin E. Diokno, the regulator’s oversight examination team has thoroughly gone over 94 percent of the hacked accounts whose owners have been promptly reimbursed as a result.

“The BSP oversight examination team reports that both BDO and the Union Bank of the Philippines (UBP) have extended their full cooperation in the ongoing examination, which is in an advanced stage. BDO has already reimbursed 94 percent of all affected customers and has assured us that the remaining clients will be fully reimbursed for their losses,” he said.

A five-man team of hackers subsequently arrested would tell investigators the BDO funds were later funneled to the UBP account of one Mark Nagoyo who allegedly used the money to buy cryptocurrencies.

Diokno stressed the BSP “continues to coordinate with law enforcement agencies, relevant government bodies, including the Anti-Money Laundering Council, and key stakeholders in our efforts to strengthen cybersecurity.”

“We are also working closely with Congress for the passage of measures on (mobile) SIM registration and anti-mule accounts,” he quickly added.

“These measures are seen to deter fraud and other financial crime and improve the handling of consumer complaints. Together with the recently passed Financial Consumer Protection Act, we will raise standards for market discipline, fair treatment, and transparency for the benefit of financial consumers,” Diokno said,

In December last year, BDO clients complained of funds stolen from their accounts although not a single accountholder acknowledged having opened links looking like anything suspicious.

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