How can BDO regain your trust in Online Banking?

Banco de Oro (BDO) went thru huge trouble in the last quarter of 2021 with the hundreds of fraudulent transactions reported by customers. While there have been numerous attempts at hacking, phishing, and scams, this very incident with BDO has really scared a lot of people.

We’ve had several talks with friends, colleagues, online sellers, who have told us they stopped using BDO because of this very incident and we can’t blame them. And even if the alleged hackers were already arrested 10, consumer trust remains an issue.

So, let’s put the question out there again — what will BDO need to do to regain your trust in online banking?

Here are some of our thoughts but feel free to chime in on the comments section if you have suggestions.

• Add multiple layers of security and force encourage customers to use them. Aside from SMS OTP, a password or PIN code and biometrics, a confirmatory SMS for large transfers (this can be user adjusted) or withdrawal would help. This means you need to reply to an SMS that you verify the pending transaction before it is processed. Some credit card companies do this. It can even be as proactive as an automatic phone call (AI-driven) where you just press a key/number to confirm or decline a transaction.
• More biometric confirmation. Since not all smartphones have fingerprint sensors, a standard Facial Recognition security layer might work better. This works even for laptops or PCs with webcams. Again, aside from the option to activate this, users can also set a tolerance amount when this security is triggered.



• For a nominal fee, offer the option to provide a USB Security Key (Type-A for laptops and Type-C for smartphones) to customers they can use as an added layer of security protection. Facebook has this, HSBC has something similar, and PayPal also has one for the longest time.
• Revise BDO’s Terms and Conditions that appear to protect the bank more rather than to protect its customers. The current T&C does not inspire trust and confidence. It’s like saying — Park (your money) at your own risk</strong>.



• Provide a blanket guarantee — “Your money is safe with us. If someone took it without your permission, we will replace it. If someone hacked our system, it is the bank’s money that was stolen. Not your money. Your money is safe.”
• Add more hotline support, make it 24/7/365 and make a guarantee that every call does not take longer than 5 minutes waiting time.

The banking section is one of the most trusted sections in our society. It’s right up there together with the healthcare sector so incidents like the one that happened with BDO does not only affect them but the entire industry as a whole.

As an online banking user, what else do you think BDO needs to do so that they will regain your trust once more?