‘BDO compensation to fraud victims had no added clause’

BDO Unibank Inc. on Tuesday clarified that there were no changes made to their terms and conditions after the cybercrime incident that affected hundreds of their clients earlier this month.

The bank said in a statement that the liability clause circulating on social-media posts is “a regular compliance in the banking industry.”

“This has been part of the normal compliance for a long time. There was no added clause due to the recent incident,” the bank’s statement read.

“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,” it added.

A week ago, the country’s largest bank by asset has been the target of a cybercrime incident, where cash were transferred unknowingly from BDO account holders to a person named “Mark Nagoyo” who has several accounts in the UnionBank of the Philippines Inc.

BDO earlier said they are currently processing the reimbursement of close to 700 clients affected by the recent online fraudulent transactions.

“We have requested our clients to go to their branch of account and submit documentation to get the refund. The bank will shoulder the losses perpetuated by this cybercrime incident,” the bank said in a statement earlier this month.

The bank also said they are “working closely” with the appropriate authorities and the BSP to prevent further occurrence of the incident.

Meanwhile, the Bangko Sentral ng Pilipinas (BSP) confirmed that they are forming a task force to investigate the recent cybercrime attack on one of the country’s biggest banks.

“We are forming a task force composed of cyber and anti-money laundering specialists and legal officers to determine the root causes and possible control lapses involving the incident,” BSP Governor Benjamin E. Diokno told reporters last week.

“Guided by relevant laws and regulations, penalties and/or sanctions may be imposed depending on results of the examination. I have instructed that recommendations should be submitted within 30 days,” Diokno added.

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