UCPB assures clients amid probe into alleged cyberheist


Posted at Sep 02 2020 09:59 PM

MANILA - United Coconut Planters Bank (UCPB) on Wednesday assured its clients that it "remains strong and profitable" following a report that it suffered a cyberheist.

A business website earlier reported that hackers allegedly stole P167 million from UCPB while the state-owned bank was implementing a security upgrade. 

Citing a bank insider, Bilyonaryo.com.ph said hackers used a computer virus with surveillance and remote access functions that allowed them to monitor how the bank processed, sent, and received cash online.

On Wednesday evening, UCPB issued a statement confirming that it was investigating an "incident" but did not give further details on the alleged heist. 

“UCPB is investigating the incident in close coordination with the NBI and other concerned authorities. Pending completion of the investigation which started mid-June, the Bank continues to review and strengthen its IT and security controls." 

"The Bank would like to assure its stakeholders that clients' funds were not affected by the incident. UCPB remains to be a strong and profitable institution, registering a net income of P2.9Bn for the first half of 2020.”

Another local bank figured in a cyber-heist in 2016.