#bank security

After completing its investigations on the digital fraud incident involving a certain "Mark Nagoyo" last December, the Bangko Central ng Pilipinas (BSP) announced the decision of the Monetary Board to sanction BDO Unibank, Inc. and UnionBank of the Philippines "to ensure that both banks will swiftly address the issues" raised by the central bank. To recall, unauthorized access to a number of BDO accounts reportedly came from a compromised web service, accompanied by fund transfers mostly made through UnionBank accounts. "The sanctions imposed emphasize the importance of continuously enhancing risk management systems involving cybersecurity, anti-money laundering, and combating terrorism and proliferation financing," the BSP explained. According to BSP Governor Benjamin Diokno, the incident reminds that "we should continue to enhance our defenses against cyberthreat actors to protect the integrity of the financial system and the interests of depositors." Meanwhile, UnionBank President and CEO Edwin R. Tan indicated that the bank shall comply with the sanctions. “We will work with the BSP to ensure a more secure banking environment,” he told BusinessWorld via Viber. Earlier, the Bankers Association of the Philippines (BAP) commended the arrest of the perpetrators. Read more in our articles including "BSP sanctions BDO, UnionBank over unauthorized access of accounts" and "How can BDO regain your trust in Online Banking?".