The Bankers Association of the Philippines (BAP) called on the public to protect themselves from online banking fraud amid reports of an online banking scam affecting several Banco de Oro (BDO) bank account holders in a statement released on Sunday, Dec. 12.
BAP President Jose Arnulfo Veloso said in a statement that the public should remain vigilant and refrain from giving out personal details, such as their One-Time Password (OTP), to anyone that could lead to bank accounts being compromised.
“Isang paalala: Hindi ka magiging biktima kung hindi mo ibibigay ang iyong personal information, tulad ng One-Time Password (OTP) sa ibang tao. Kapag hindi mo ibibigay ang iyong personal information sa iba, hindi mananakaw ng mga kriminal ang iyong pera mula sa iyong bank accounts,” the BAP statement said.
He also encouraged everyone to report potential banking fraud they encounter to help in stopping cybercriminals from preying on others.
Veloso advised customers to frequently check their banks’ social media platforms as the companies share their cyber safe campaigns to guide clients in safe online banking.
“It is not enough to just know how to avoid cybercriminals. You are our ally when it comes to stopping them from harming other people,” Veloso said.
“Whenever you encounter a cybercriminal, immediately report it to your respective banks and the police. This is so we can work together to take down cybercriminals, such as the fake bank websites they are using to trick others,” he added.
With regards to the issue, Banco de Oro released a statement on Sunday and said that they are looking into each of their client’s cases and said it will reimburse the losses of affected clients.
Meanwhile, the Senate Public Services Committee is alarmed by the growing number of complaints and asked BSP to act immediately and look for the perpetrators behind the banking fraud.
“While the banks vow to return the money depositors lost, it is not enough. Where does the trail end? Who are the people involved? Kani-kanino dumaan yan?” Senator Grace Poe-Llamanzares, Chairperson of the Senate Public Services Committee, said.
“Unless the Bangko Sentral ng Pilipinas (BSP) and the Anti-Money Laundering Council (AMLC) get to the bottom of this, it could happen again. We don’t want depositors to lose their trust in their banks and the banking system. Banks are victims here, too, but they control the situation and manage their security systems,” she added.
Earlier, the Bangko Sentral ng Pilipinas (BSP) said that they are closely monitoring the surge in complaints and are now coordinating with Banco de Oro (BDO) and Union Bank of the Philippines (UBP) to return the money of affected account owners.
“Rest assured that we continue to collaborate and engage stakeholders to ensure the safety and integrity of the financial system as well as the protection of financial consumers,” the BSP said in an official statement. -Report from Eunice Samonte / CC- bny
