Banco de Oro (BDO) has said that it will reimburse the losses of affected clients in what it said was a "sophisticated fraud technique."
This comes after BDO users complained on social media about unauthorized transactions on their accounts, prompting losses as high as P50,000.
"We are aware of a sophisticated fraud technique which has affected some of our clients," BDO said in a statement.
"We assure out affected innocent clients that we will reimburse their losses."
According to the bank, they have already implemented additional security controls to further protect clients from attempts of unauthorized access.
They said users were also recently required to update their passwords to improve account security and prevent fraudsters from accessing their accounts.
"Cybersecurity is a focal point of the banking sector. We at BDO are continuously investing and working towards improving our security infrastructure to protect our clients' money," it said in a statement.
Meanwhile, Bangko Sentral ng Pilipinas Governor Benjamin Diokno said it is in close coordination with BDO and Union Bank of the Philippines to "ensure that remedial measures are being undertaken, including reimbursement of affected consumers."
"BSP will do everything to ensure the safety and integrity of the financial system as well as the protection of financial customers," Diokno said on Twitter.
