Friday, 24 November, 2017

Super glitch strikes Philippine bank again

Bank of the Philippine Islands reports unauthorized transactions due to system glitch Philippine bank chaos after unauthorised transactions
Christy Curtis | 09 June, 2017, 02:28

Early Wednesday morning, Philippine news media reported that BPI was fixing an internal error that affected deposits, and was correcting "mis-postings": some accounts were debited twice or credited twice for past transactions.

"I've lost confidence in BPI's system", said Sanpei-Angeles, a corporate brand specialist, adding other people had been inconvenienced more than her.

The fourth largest bank by assets in the Philippines on Wednesday said it encountered a system glitch that led to money being wrongly transferred in and out of accounts.

The bank said it has suspended "access of electronic channels" to rectify the problem and assured depositors that their money was intact. "To allow us to do the necessary adjustments, we will need to deactivate our electronic channels", BPI said in a statement.

"We assure you that the integrity of your accounts will be maintained".

"And so, what happened is: if you were a client and you transacted with us between April 27 and May 2, you may, and I emphasize, may, have a situation where your transaction was recorded twice".

There has been global concern about hacking following the world's biggest ransomware attack last month that struck hundreds of thousands of computers worldwide. Another friend is travelling and can not withdraw money via ATM.

BPI issued an apology Wednesday morning its President and CEO Cezar Consing explaining that the bank's system picked up the wrong files or transactions when it ran a batch process Tuesday evening. "Such a huge hassle for customers because of the company's negligence".

Things got worse on the next day when amid growing rumors of getting hacked, BPI officials shut down ATM withdrawals and online transactions. Some users claimed on social media that their accounts had even gone into the red.

A user called wild flower wrote: "I lost my money..." I only have 15 pesos (30 USA cents) left on my pocket.

It also said other banking systems, such as credit cards, remittance, SWIFT, equities brokerage (BPI Trade), investments, and loans remain operational.

Consing also advised their clients who may have more money in their accounts not to spend the money.

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