Analyst: Amid security breaches, still better to use services of big, popular banks

ABS-CBN News

Posted at Dec 14 2021 03:46 AM

MANILA—Despite recent security breaches and cyber crimes that have hit the financial industry, an analyst on Tuesday said so-called big banks remained a sensible option for depositors.

The topic came up on the Teleradyo program "SRO" on Monday, following reports that several BDO Unibank accounts were allegedly compromised and their owners victims of cyber crime.

"Ang una mong dapat gawin, maglagay ka ng pera sa bangkong malaki, at sa bangkong kilala katulad ng bangkong ito," Manila Bulletin technology editor and cybersecurity advocate Art Samaniego Jr. said, saying bigger banks are more capable of returning lost client money.

(The first thing you should do is to deposit your money in a big bank, and in a popular bank like this one.)

"Ang maganda dito dahil malaking bangko ang BDO, at under siya ng isang napakalaking kumpanya at nagbigay na sila ng assurance na walang mangyayari, ibabalik namin ang mga pera ninyo, so pwede na nilang ibalik 'yung mga pera natin."

(What's good about this is that, because BDO is a big bank and it is under a big company and they gave the assurance that they will return the money, so they can just do that.)

Samaniego added that depositors could expect BDO to install a tighter security system, compared to others.

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BDO has said it was aware of the fraud technique that affected its clients, assuring that it was taking "additional security controls to block further attempts and continue to protect bank credentials."

The bank said it would also reimburse the losses of affected clients.

BDO added it advised online banking users to update their passwords to prevent fraudsters from accessing accounts.

The Bangko Sentral ng Pilipinas (BSP) earlier said it was working with BDO and Union Bank of the Philippines (UBP) following complaints on social media about accounts allegedly being hacked.

The National Privacy Commission added it was working with BDO Unibank to find out whether personal information were compromised following a string of hacking complaints over the weekend.