Bank fraud victims to get repaid, Bangko Sentral says


Posted at Jan 12 2018 05:31 PM | Updated as of May 07 2019 05:19 PM

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MANILA - The Bangko Sentral ng Pilipinas said Friday it would ensure that victims of bank fraud would be repaid accordingly, as it investigated recent attacks.

The BSP inquiry will also determine how banks can increase their defenses against fraudsters, said deputy director Melchor Plabasan.

"We want to ensure that victims of these cyber-related incidents will be restituted accordingly," Plabasan said.

Despite difficulties, Plabasan said, "Successfully prosecuting all these cyber-criminals will be a great deterrent to cyber-related crimes."

The country's largest lender, BDO Unibank, said this week that there was an "extraordinary rise in fraud attacks towards the entire industry" while Bank of the Philippine Islands raised the alarm over a fake website.