BDO Unibank announced that it has begun the process of reimbursement of affected clients who lost money due to online fraudulent transactions.
According to the bank, "close to 700" clients were affected by the recent fraud.
"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 perpetuated by this cybercrime incident," said BDO in a statement.
This comes after some of the victims came forward on Monday claiming that no one from BDO has reached out to them.
The bank previously called the incident as a "sophisticated fraud technique." It led to some clients losing up to P50,000 due to unauthorized transactions.
BDO said it has been working with relevant authorities and the Bangko Sentral ng Pilipinas (BSP) to prevent similar incidents from occurring again.
BSP Governor Benjamin Diokno previously said it was in close coordination with the bank to ensure that "remedial measures" are being taken.
"BSP will do everything to ensure the safety and integrity of the financial system as well as the protection of financial consumers."
