Sen. Poe: BSP Must Publicize Sanctions to BDO, UnionBank
The senator added that bank depositors expect full accountability and recompense for damages and losses incurred.
The senator added that bank depositors expect full accountability and recompense for damages and losses incurred.
UnionBank also added that “there were no monetary penalties” and that all the recommendations of the BSP to avoid similar incidents had been implemented.
BDO has denied changing its terms and conditions for online banking stating that these have long been in place.
In a statement, BDO acknowledged the “sophisticated fraud technique” and assured their account holders that they have already implemented additional security measures. Furthermore, the bank said it will reimburse their customers’ losses.