BDO asks depositors to report alleged ATM fraud

ABS-CBN News

Posted at Jun 16 2017 11:37 AM | Updated as of Jun 17 2017 12:42 AM

MANILA - BDO Unibank, the country's largest lender, said Friday it received reports of alleged ATM fraud and urged depositors who think they were affected to have their cases investigated by the bank.

Social media posts circulated this week purportedly showed how some depositors lost money due to "skimming" or copying of account details through hijacked ATM machines.

"BDO has obtained reports of potentially compromised ATM following reported losses from cardholders," the bank said in a statement.

"Customers with unauthorized transactions may reach out to the bank via formal channels so that their cases may be properly investigated and, where confirmed as impacted, may be reimbursed," it said.

In a separate statement, BDO President Nestor Tan said the incident is "nothing out of the ordinary."

"ATMs are compromised every now and then, and banks take the precautionary measure of disabling cards if we have reason to believe they may have been compromised," the statement read.

Tan said the incident will be addressed with Europay MasterCard Visa implementation.

"This is a security protocol, moving cards from magnetic stripes to chips, which will make them secure. It is just a matter of time until the industry completes the implementation," he said.

The bank owned by the country's richest man, Henry Sy, said "all efforts" were being made to keep accounts safe.

The ATM fraud reports came a week after Bank of the Philippine Islands' electronic services were paralyzed for 2 days due to what it said was an "internal" glitch.