BDO Unibank Inc. clarified last Tuesday that the liability clause in its terms and conditions was not updated.
This is after the clause circulated online accusing BDO that it was added after the recent “Mark Nagoyo” issue.
The clause says that BDO will not be liable if the user experiences loss from “improper, fraudulent access or utilization of BDO Online Banking due to theft or unauthorized disclosure of username, passwords, ATM PINs, Online Banking PINs or violation of other security measures with or without your participation.
Related
- SIM Swap Fraud: 3 ways to protect yourself from SIM-jacking
- Google Play apps with 300K downloads stole bank credentials
In a statement, BDO clarified that the clause has been there even before the incident as it’s been part of the normal compliance for years.
The recent issue involved around 700 bank accounts, who had their BDO mobile wallets hacked, and had their money transferred to other accounts to purchase cryptocurrency.
As per PNP’s anti-cybercrime group, the incident is an indication that criminals are getting more “sophisticated” as they were able to steal money despite the existence of OTPs.
The central bank is already conducting an investigation and the Sy-led company has promised to reimburse affected customers.
See also: GMA News Online