MANILA - Unionbank of the Philippines said Sunday authorities were investigating a "possible fraud incident" involving one of its employees.
The lender issued the statement after police arrested a female employee in its Ortigas branch who was accused of stealing P17 million through unauthorized cash transfers.
Unionbank did not disclose the amount involved and did not identify the employee in its statement on Sunday.
"To mitigate the situation, the bank has already handed the case to the proper authorities for a more thorough investigation," the lender said.
"Along with this, the bank is also conducting a rigorous internal probe to know the extent of the issue. Importantly, this incident (is) not in any way involved with cyber-security or cyber-crime," it said.
The alleged fraud at Unionbank came as the banking industry came under scrutiny following a 2-day outage at Bank of the Philippine Islands and ATM-based theft at BDO Unibank.