Connect with us

Business and Economy

BSP addressing BDO card fraud cases

Published

on

PHo(Photo: BDO Unibank/Facebook)

Skimming is an illegal activity wherein information stored in an automated teller machine (ATM) card is stolen using a skimming device placed on top of the ATM card slot (Photo: BDO Unibank/Facebook)

MANILA — The Bangko Sentral ng Pilipinas (BSP) has allayed fears of some BDO Unibank Inc. (BDO) clients who reported loss of money from online transactions they allegedly did not conduct personally.

BSP Deputy Governor Chuchi Fonacier said officials of BDO have reported to the central bank about the unauthorized withdrawals.

“We requested some more information based on what was earlier reported. But, it looks like there was skimming of cards,” she told PNA in a phone message.

Skimming is an illegal activity wherein information stored in an automated teller machine (ATM) card is stolen using a skimming device placed on top of the ATM card slot.

People would not notice the skimming device because it looks like the ATM card slot, and the stolen information is then stored in an illegally made ATM card to withdraw the account holder’s funds.

“This is being addressed by existing regulations of the BSP which is the liability shift framework,” she said, adding that the fraud incidents would not be another blow to the domestic banking industry.

“The bank should shoulder the loss incurred by the depositor due to skimming after its investigation finding NO fault on the part of the depositor,” she added.

BDO has earlier released a statement saying it has noticed an industry-wide “extraordinary rise” of fraudulent bank account transactions done without the account holders’ knowledge, especially in the last quarter of 2017.

It said the transactions took place in other countries.

“We are currently running a thorough investigation process that involves tracing individual transactions, checking any irregular activities and identifying signals of fraud from millions of valid transactions everyday. This challenging task is done to ensure that all cases are addressed accordingly, and that a resolution is served for all valid cases,” it said.

The bank also asked affected clients to formally file a report with the bank, through callcenter@bdo.com.ph, international tollfree number IAC +800-8-631-8000, and domestic hotline number 631-8000, for proper facilitation.

Continue Reading
Click to comment

Leave a Reply

Your email address will not be published. Required fields are marked *

Maria in Vancouver

Lifestyle5 hours ago

Family Estrangement: Why It’s Okay

Family estrangement is the absence of a previously long-standing relationship between family members via emotional or physical distancing to the...

Lifestyle1 month ago

Becoming Your Best Version

By Matter Laurel-Zalko As a woman, I’m constantly evolving. I’m constantly changing towards my better version each year. Actually, I’m...

Lifestyle2 months ago

The True Power of Manifestation

I truly believe in the power of our imagination and that what we believe in our lives is an actual...

Maria in Vancouver3 months ago

DECORATE YOUR HOME 101

By Matte Laurel-Zalko Our home interiors are an insight into our brains and our hearts. It is our own collaboration...

Maria in Vancouver3 months ago

Guide to Planning a Wedding in 2 Months

By Matte Laurel-Zalko Are you recently engaged and find yourself in a bit of a pickle because you and your...

Maria in Vancouver3 months ago

Staying Cool and Stylish this Summer

By Matte Laurel-Zalko I couldn’t agree more when the great late Ella Fitzgerald sang “Summertime and the livin’ is easy.”...

Maria in Vancouver4 months ago

Ageing Gratefully and Joyfully

My 56th trip around the sun is just around the corner! Whew. Wow. Admittedly, I used to be afraid of...

Maria in Vancouver5 months ago

My Love Affair With Pearls

On March 18, 2023, my article, The Power of Pearls was published. In that article, I wrote about the history...

Maria in Vancouver5 months ago

7 Creative Ways to Propose!

Sometime in April 2022, my significant other gave me a heads up: he will be proposing to me on May...

Maria in Vancouver6 months ago

Why Eating Healthy Matters

We are what we eat, so don’t be fast, cheap, easy, or fake — we should take these words to...