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Glitch that caused unauthorized transactions for Bank of the Philippine Islands resolved

By dailymail / Published on Sunday, 11 Jun 2017 13:31 PM / No Comments


A system glitch at the Bank of the Philippine Islands that led to thousands of pesos of unauthorized transactions has been resolved, the bank said on Thursday.

“Access to our electronic channels (Mobile app and Online Banking) has been restored. We have rectified the mis-postings related to the internal systems problem, which has been resolved,” it said in a statement.

The fourth largest bank by assets in the Philippines said a day earlier it encountered a system glitch that led to money being wrongly transferred in and out of accounts.

In a statement posted on the bank’s Twitter account on Wednesday, the Bank of the Philippine Islands said it has identified the root cause and has temporarily closed all electronic channels to resolve the issue. It did not specify the problem.

The “internal system error” led to thousands of pesos of unauthorized transactions for BPI, according to local media reports. But the bank’s president and chief executive, Cezar Consing, said the problem was not caused by hacking.

“I apologize very earnestly and very sincerely to our clients who had been adversely affected by this… 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 told local television ANC.

Shares of BPI dipped 1.9 percent on Wednesday morning but ended the session 1.2 percent higher. On Thursday, the lender’s shares were up around 1 percent by 10:00 HK/SIN.

Singapore’s sovereign fund GIC and Philippine conglomerate Ayala Corp own stakes in BPI.