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EveryTechEver > Blog > Tech > Cybersecurity > BDO responded to queries on its Terms and Conditions
Cybersecurity

BDO responded to queries on its Terms and Conditions

RV Cuarto
Last updated: 2021/12/21 at 8:27 PM
RV Cuarto
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Cybercriminals hacked BDO accounts, stealing between P25,000 and P50,000 pesos per account, according to the social media community in the Philippines.

A number of BDO customers have reported that their bank accounts have been hacked, with cyber criminals making illicit transactions to UnionBank accounts, according to social media posts.

bdo

Hackers siphoned money from BDO accounts and transferred it to a UnionBank account under a false name, according to a Manila Bulletin investigation, and used the proceeds to buy PHP 5 million worth of Bitcoin from a cryptocurrency market on December 11. Nearly 700 clients’ reimbursements are being processed by BDO. Customers claim that they were requested to sign a quitclaim, which states that they will not sue the bank as a result of the occurrence.

Due to the recent occurrence, BDO has issued a statement stating that it has not amended any restrictions to its terms and conditions.

bdo
BDO’s immediate prompt to its millions of customers being affected by cyber hackers.

The liability clause, according to the business, is standard practice in the banking industry. To retain a positive customer connection, the company made an exception and took on the losses that were not caused by the clients.

BDO previously admitted to becoming a victim of a sophisticated fraud scheme that harmed several of its clients.

You can read more about the incident in our earlier piece, which can be found right here.

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By RV Cuarto
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RV Cuarto is the founder and editor-in-chief of EveryTechEver, a startup team of writers and researchers. He started in tech journalism in the early days of 2012 as the founder of the successful tech site Nokia Revolution. His belt of experience spans across the industry, from consumer electronics, data operations, and cloud computing, with several brands including Dell, Nokia, Realme, and Huawei. He is also an HIV advocate and a public speaker. He spends his free time singing, playing mobile games, and experimenting with new recipes in his kitchen. Follow him on Tiktok.
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