Categories: Cybersecurity

BDO, UnionBank face sanctions over December hacking incident

The Bangko Sentral ng Pilipinas announced it will sanction BDO Unibank and the Union Bank of the Philippines over incidents of unauthorized bank transfers in December 2021.

While the central bank did not spare further details, it said that the sanctions serve as reminders for banks to ensure customer protection.

“This incident is a reminder that we should continue to enhance our defenses against cyberthreat actors to protect the integrity of the financial system and the interests of depositors,” said BSP Governor Benjamin Diokno.

Over 700 customers of BDO, the country’s biggest bank, fell victim to illegal activities strategically done by an unidentified group of hackers. Unauthorized transfers were made directing to UnionBank accounts under a certain “Mark Nagoyo.”

BDO said it will work with the BSP “to ensure a more secure banking environment.”

In January this year, five people suspected behind the heist were arrested, including three Filipinos and two Nigerians.

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Myra Santos Santos

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