BDO vows to reimburse fraud victims, strengthen security controls

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Metro Manila (CNN Philippines, December 12) — The country's largest lender BDO Unibank has assured scammed clients that it will refund their losses.

In a statement Sunday, BDO acknowledged there was "a sophisticated fraud technique" that affected some of its clients.

"We assure our affected innocent clients that we will reimburse their losses," it said.

The Sy-led bank also said that it has beefed up its security measures to block threats and to protect bank credentials.

BDO reiterated that clients should secure their accounts by updating their passwords.

"Changing their password improves account security and prevents fraudsters from accessing their hard-earned money," it said.

"We at BDO are continuously investing and working towards improving our security infrastructure to protect our clients’ money, the firm added. "While we have put back-end measures in place, we appreciate our clients’ continued vigilance to combat fraud."

BSP Governor Benjamin Diokno on Sunday morning said they have been monitoring the spike in complaints buzzing social media platforms since early last week.

"We are in close coordination with BDO as well as UBP (UnionBank of the Philippines) on this incident to ensure that remedial measures are being undertaken, including reimbursement of affected consumers," Diokno said in a statement.

"BSP will do everything to ensure the safety and integrity of the financial system as well as the protection of financial consumer," Diokno said.

A Facebook group called "Mark Nagoyo BDO Hacked" was created on Friday, gathering not just fraud victims but also observers.

Several netizens, who are BDO customers, posted screenshots of unauthorized online bank transfers to a certain Mark Nagoyo, who uses multiple UnionBank accounts.