Philippine Central Bank Checking Account Hacked

Manila: The Philippines’ central bank said on Sunday it was looking into a wave of complaints emerging on social media about the hacking of local bank accounts.

Customers of the country’s largest lender, BDO Unibank, have been reporting unauthorized transactions in the Union Bank of the Philippines and abroad for the past few days, with accounts blocked.

Central Bank Governor Benjamin Diocano said Banco Central ng Pilipinas was working with banks to resolve the issue and take remedial steps.

“Banco Central ng Pilipinas has been monitoring an increase in complaints posted on social media platforms since the beginning of this week,” Diocno said in a statement.

“We are in close coordination with the Banco de Oro (BDO) as well as the Union Bank of the Philippines on this incident to ensure that remedial measures are in place, including reimbursement of affected consumers.”

BDO said it was aware of a “sophisticated fraudulent technique” that has affected some of its clients.

“We can assure you that we have already implemented additional security controls to prevent further attempts and continue to protect bank credentials,” the bank said.

Lenders have yet to estimate how much money was taken, but hundreds of users of a Facebook group created on Saturday to collect complaints over illegal transactions are reporting thousands of pesos lost.

Jose Arnulfo Veloso, president of the Bankers Association of the Philippines, urged the public to be more vigilant in the wake of the increasing number of financial cybercrime in the country.

“If you don’t give your personal information to others, cybercriminals will never be able to steal your money,” he said. Knowing how to avoid cybercriminals is not enough. You are our ally when it comes to preventing them from harming other people.”