BSP probes alleged UCPB cyberheist, initial findings show no 'financial losses’


Posted at Sep 03 2020 10:38 AM

MANILA - The Bangko Sentral ng Pilipinas said Thursday it was investigating a cyberheist at the government controlled United Coconut Planters Bank (UCPB).

“The BSP is well-aware of the reported UCPB incident and has been in close coordination with the bank since the early part of its investigation,” the BSP said in a statement.

Initial investigation results indicate no financial losses or damages were incurred by UCPB account holders, the BSP said.

“We remain steadfast in fully resolving the matter as we work closely with the bank and relevant law enforcement agency,” it added.

United Coconut Planters Bank (UCPB) on Wednesday assured its clients that it "remains strong and profitable" while assuring depositors that clients’ funds were unaffected. Hackers allegedly stole P167 million from UCPB while the state-owned bank was implementing a security upgrade. 

Citing a bank insider, 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.

“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," UCPB said. 

UCPB is the country’s 13th largest bank in terms of assets, based on BSP data as of March 2020.