BDO Unibank, a Philippine bank, said that it is processing the reimbursements of nearly 700 clients to compensate them for hacking fraud.
This came after a string of unauthorized withdrawals in a cybercrime incident over the weekend.
BDO customers took to social media to note that funds were withdrawn from their accounts without their knowledge.
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The funds were transferred to Unionbank accounts, to buy cryptocurrencies even as both BDO and UnionBank said they were investigating the matter.
The bank said in a statement, “BDO Unibank has been processing the reimbursement of close to 700 clients affected by the recent online fraudulent transactions. We have requested our clients to go to their branch of account and submit documentation to get the refund. The Bank will shoulder the losses perpetrated by this cybercrime incident,” it said without disclosing the total amount involved in the heist.
According to the Philippine Deposit Insurance Corporation, the deposits that were compromised in the BDO hacking incident are not covered by its mandate.
