Philippine-based BDO to reimburse 700 clients hit with online fraud

Clients allegedly lost thousands from unauthorised transfers to a UnionBank account.

Philippine-based bank BDO is reimbursing close to 700 account holders who were affected by 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 perpetrated by this cybercrime incident,” BDO said in a statement released on 14 December.

Earlier, the country’s largest lender said that its clients have been hit by a “sophisticated fraud technique” and that they are working to meet each of the cases.

Account-holders reportedly lost thousands of pesos due to alleged online hacking, which reportedly involved unauthorised bank transfers made to an account in the UnionBank of the Philippines. Alleged victims made a Facebook page regarding the incident.

Local regulator Bangko Sentral ng Pilipinas (BSP) has earlier said that it is looking into complaints made by the affected account holders.
 
BDO also said that it is working closely with the appropriate authorities and the BSP to prevent further occurrence.