BPI apologizes for system glitch: ‘This is not a hack’

MANILA (2ND UPDATE) – Bank of the Philippine Islands President and CEO Cezar Consing on Wednesday apologized to their customers who were affected by a “system glitch,” resulting in thousands of pesos being debited from their accounts.

“I apologize very earnestly and very sincerely to our clients who had been adversely affected by this,” he said in an interview with ANC’s Market Edge with Cathy Yang.

Consing explained that the unauthorized transactions were not caused by hacking but a system glitch.

“This is a data processing glitch. I have to emphasize: this is not a hack at all. This is an internal issue, and so what we have to do is we had to take our systems down this morning,” he said.

He said their system “picked up the wrong file” when it ran a batch process Tuesday night, running instead the file for transactions dated April 27 to May 2.

Clients who transacted with the bank on those dates may have had their transactions reported twice, hence the double credit or debit.

Consing assured that the corrections will be made within the day.

“So over the next few hours, we are working on making sure that the double debits are corrected and the double credits are corrected. Within the day, the right amounts will appear,” he said.

“We will make sure that no one–I repeat, no one–has lost money,” he added.

Incoming Bangko Sentral Governor Nestor Espenilla described the situation as “unfortunate.”

“Seemingly losing money like that is definitely upsetting. We should allow BPI to resolve its internal problem,” he told ANC.

He also said BPI can reverse an overcredit to an account as part of a remediation process.

Customers of the bank on Wednesday morning reported unauthorized withdrawals and deposits, reaching thousands of pesos, from their accounts.

BPI earlier cited an internal data processing error for the unauthorized transactions. Apologizing to affected clients, the bank said it is already working on correcting the issue.

BSP Inclusive Finance and Financial Consumer Protection Head Pia Roman Tayag meanwhile allayed fears that systems of the country’s third biggest bank was hacked.

“Hindi ito hacking incident. They (BPI) assured us na within the day, maaayos ito. No customer’s fund will be lost,” she said in an interview with radio DZMM.


You may also like...

Leave a Reply

Your email address will not be published.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