IN DECEMBER 2021, hundreds of BDO customers found that funds were being illicitly withdrawn from their accounts.
By mid-February of this year, it was reported that BDO has refunded money lost for most of these accounts. Does this mean that, temporarily at least, the hackers are able to overcome the bank’s security systems? If so, we would like to know what is happening.
After all, the whole essence of banking is that we are able to trust our banks.
In recent weeks, the print media has not provided any new information. Is this a case of ‘no news is good news’?
One interesting snippet is that BDO’s CEO, Nestor Tan, due to retire soon, has had his contract extended to 2028. Clearly, BDO’s Chairperson, Teresita Sy, is pleased with Tan’s performance – including overcoming the challenges posed by last December’s extensive cyberheist problems.
The Banker’s Association of the Philippines produced interesting and helpful #FightFraudTogether advertisements which include contact details of the Anti-Fraud and Action division of the National Bureau of Investigation (NBI) afad@nbi.go.ph or (02)8523 8231 to 38, local 3529 or 3456.
Bangko Sentral ng Pilipinas (BSP), normally articulate, has been quiet recently in that it has not given a summary of the situation with regard to the fight against cybercrime.
Our response has been not to engage wholeheartedly with the move to a “cashlite” society. Instead, we have done as many cash transactions as ever, coupled with cheques, where possible.
We do not find cyberbanking to currently inspire confidence. As a result, we have limited our contact with the cyberworld.
The justice system is neither sufficiently speedy nor reliable for us to have much faith in its effectiveness in dealing with cybercrime. It is several years since the Wirecard AG accounting fraud case. What has happened to the case against the alleged fraudsters?
Arrests were made in connection with alleged hackers who reportedly deprived over 700 BDO account holders of their funds last December. What is happening? Rumors abound that ‘inside job’ perpetrators are involved. Is this true? Are charges being made?
We look forward to the day when we can attain complete confidence in our banking environment.
We have a long way to go./PN
