BSP sanctions vs. hacked banks should be made public

MANILA – Laying down the specifics of the sanctions and actions duly taken by the government will help assure consumers that they are amply protected and looked after.

Senator Grace Poe, who chairs the Committee on Banks, Financial Institutions, and Currencies, said depositors expect full accountability and recompense for damages and losses incurred, like when they lose their deposits due to hacking and other forms of cybercrimes.

“Deepening public confidence in our banking system is crucial to the timely recovery of our economy,” she said in a statement on Friday, the day after the Bangko Sentral ng Pilipinas (BSP) announced that its Monetary Board approved the imposition of sanctions on BDO Unibank Inc. and UnionBank of the Philippines regarding unauthorized access to accounts of clients as well as fund transfers in December 2021.

Poe trusts banks to heighten efforts in fortifying their systems and safeguarding the hard-earned savings of their depositors.

“The sanctions imposed emphasize the importance of continuously enhancing risk management systems involving cybersecurity, anti-money laundering, and combating terrorism and proliferation financing,” the BSP statement read, without elaborating on what the sanctions are.

Days after the hacking incidents, BSP Technology Risk and Innovation Supervision Department director, Melchor Plabasan, said the banking sector remains “generally safe” and the chances of becoming a victim of this incident are very minimal.

“So far, we have been checking the number of accounts that have been compromised not only with this incident but some of the phishing incidents and it’s still way, way below 1 percent relative to the total size of the market,” he said in a virtual briefing. “But then, again, we are working with the industry to ensure that the losses will be reimbursed and industry will continuously upgrade their security system.”

BDO said the affected account holders received refunds.