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BDO starts reimbursing cyber fraud victims

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Warren De Guzman, ABS-CBN News

<p>MANILA - BDO account holder Justin Sy, who lost some P50,000 over the weekend to the &quot;Mark Nagoyo&quot; scam, got her money back on Wednesday, a day after the bank announced it would reimburse the money lost in the cybercrime.</p><p>Sy said if the bank did not act swiftly, she might have resorted to legal action.</p><p>“May dalawang (there are 2) routes kasi. It&#x27;s either mag-sign ka ng quitclaim and get your money now, or second, mag-sue, magdemanda. Pero (but) mostly sa aming grupo (in our group), gusto mag-sign na lang (we just signed) and we can get your money back fast.”</p><p>Based on the data of one cyberattack victim group, 36 victims have already been reimbursed in full, seven were told to wait for a few days, while a handful has yet to go to their branch of account to fulfill the documentary requirements.</p><p>BDO Unibank, the country&#x27;s largest bank in terms of assets, announced Tuesday it will reimburse nearly 700 clients whose funds were withdrawn from their accounts without their knowledge.</p><p>The Sy-led bank also said it would cover losses due to the cyber incident.</p><ul class="op-related-articles">	<li><a href="https://news.abs-cbn.com/business/12/14/21/bdo-says-reimbursing-close-to-700-clients-in-fraud">BDO says reimbursing close to 700 clients in fraud</a></li></ul><p>According to reports, users noticed &quot;unauthorized&quot; withdrawals in what others called the &quot;Mark Nagoyo&quot; scam. Funds were then transferred to Unionbank accounts before they were used to purchase cryptocurrencies. </p><p>Some clients were not as fortunate after they failed to complete the bank&#x27;s requirement or to give a wet signature on a quitclaim document which basically prevents them from suing BDO in the future.</p><blockquote class="twitter-tweet"><p dir="ltr" lang="en">Others are unable to satisfy the requirement of BDO, a wet signature on a quitclaim document which basically prevents them from suing BDO in the future. BDO has asked the victims to sign the document at their branch of account. Some of the victims are OFWs who are still abroad.</p>— Warren de Guzman (@wddeguzman) <a href="https://twitter.com/wddeguzman/status/1471015131018510336?ref_src=twsrc%5Etfw">December 15, 2021</a></blockquote><div><script async="" src="https://platform.twitter.com/widgets.js" charSet="utf-8" type="text/javascript"></script></div><p>BDO has asked the victims to sign the document at their branch of account. But some of the victims cannot go to the bank or are OFWs who are still abroad.</p><p>Former Trade Undersecretary Vic Dimagiba, President of the consumer rights group Laban Konsyumer, said the victims should not sign the quitclaim documents. </p><p>&quot;Don&#x27;t sign. Victims can reserve the right to claim actual damages suffered,” he said in a message sent to ABS-CBN News.</p><p>He said BDO should look into the individual circumstances of the victims to ensure they are properly compensated. </p><div><strong>TRACKING &quot;MARK NAGOYO&quot;</strong></div><p>The Bangko Sentral ng Pilipinas as well the Philippine National Police are working with BDO and UnionBank to get to the bottom of the incident.</p><p>BSP Gov. Benjamin Diokno said Tuesday perpetrators should be prosecuted &quot;to the full extent allowed by law&quot; while reminding banks to invest in technology.</p><p>Diokno suspected there could be &quot;insiders&quot; due to the nature of the heist, but he said it is up to the banks to prove that. An inter-agency <a href="https://news.abs-cbn.com/business/12/14/21/bsp-forms-task-force-to-probe-bdo-unauthorized-transactions">task force</a> was formed by the central bank to lead the probe.</p><p>Although BDO has released the total number of affected clients, it is yet to disclose the total amount involved in the cybercrime.</p><ul class="op-related-articles">	<li><a href="https://news.abs-cbn.com/blogs/business/12/13/21/what-to-do-if-victimized-by-fraudulent-bdo-transactions">What to do if victimized by fraudulent BDO transactions</a></li>	<li><a href="https://news.abs-cbn.com/business/12/14/21/prosecute-criminals-to-full-extent-allowed-by-law-says-bsp-on-bdo-cyber-woes">Prosecute criminals &#x27;to full extent allowed by law&#x27;, says BSP on BDO cyber woes</a></li>	<li><a href="https://news.abs-cbn.com/business/12/12/21/bsp-coordinating-with-banks-over-complaints-of-clients">BSP coordinating with banks over complaints of clients</a></li></ul><div><strong>RELATED VIDEO:</strong></div><figure class="op-interactive"><iframe allow="autoplay; fullscreen" frameBorder="0" height="100%" id="ivsplayer01" scrolling="no" src="https://player.ivideosmart.com/ivsplayer/v4/dist/html/iframe-src.html?iframeid=ivsplayer01&amp;key=e8c22c015ca9eafa76f1e3edfa03c603&amp;spid=3001339&amp;vid=1861105" width="100%"></iframe></figure><div class="iwantbar">Watch more in <a href="//www.iwantv.com.ph/">iWantv</a> or <a href="//tfc.tv/">TFC.tv</a></div>

Several BDO users who were among those victimized by cybercriminals over the weekend said the bank has returned the money taken from their accounts.

BDO starts reimbursing cyber fraud victims

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BDO starts reimbursing cyber fraud victims

Warren De Guzman,

ABS-CBN News

Published Dec 15, 2021 05:49 PM PHT

Read More:

BDO

BDO Unibank

BDO scam

cybercrime

fraud

unauthorized transactions

BSP

banking

hacking

unauthorized withdrawals

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