MANILA - Bangko Sentral ng Pilipinas Governor Benjamin Diokno said Tuesday cybercriminals involved in unauthorized BDO transactions should be prosecuted.

Victims who lost money from the incidents must also get their money back, the governor told Teleradyo.

“Ngayon ang habol natin mabayaran ang mga tao na naapektuhan at pangalawa kung sino man gumawa nito dapat ma prosecute to the full extent allowed by the law para hindi na nila gawin ito.
 We are going to make sure na 'yung mga naapektuhan ay mabayaran."

(What we're after is the payment of those affected. And secondly, for those responsible to be prosecuted to the full extent allowed by law so they won't do this again. We are going to make sure that those involved are paid)

Banks and other financial institutions must also invest in better technology to ensure their systems can keep up with more complex cyber threats.

Several BDO users claimed they have been victimized despite not engaging in phishing scams.

Based on initial findings, the funds were withdrawn from BDO accounts, transferred to UnionBank accounts before being used to purchase cryptocurrencies.

Diokno said there could be "insiders" involved in the hacking job.

"I am sure may kasabwat 'yan sa loob kasi given the extent of the hacking, marami kasi kayo na sabay sabay sa palagay, pero we leave it to the two banks to investigate at kami rin nagiinvestigate," he said.

(I'm sure there are people inside involved because it happened at the same time but we leave it to the two banks to investigate. We will also investigate)

The central bank earlier said it has formed an inter-agency task force to look into the alleged BDO hacking incidents.

Diokno also reminded depositors to observe "cyber hygiene" and replace passwords often.

The use of electronic fund transfers have accelerated during the COVID-19 pandemic, with both InstaPay and PESONet transactions gaining significant increases in volumes and value.

• BSP says 1 in 5 payments now digital; InstaPay overtakes ATM withdrawals in 2020
• BSP says coordinating with BDO, UnionBank on alleged hacking complaints
• Bank account holders fall victim to unauthorized transactions

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