Bankers laud NBI for arrest of people behind hacking of BDO system

OFFICIALS of the Bankers Association of the Philippines (BAP) lauded authorities a week after the National Bureau of Investigation (NBI) announced arresting individuals allegedly behind the hacking of accounts in BDO Unibank Inc.

“We thank the NBI and the Department of Justice [DOJ], for their successful collaboration in holding cybercriminals accountable for what they have done,” BAP President Jose Arnulfo A. Veloso was quoted as saying in a statement the organization of bankers issued over the weekend.

“The BAP and its member banks are fully confident in the capabilities of our law enforcement and judicial system. We trust that the perpetrators of the scam and their victims will be afforded a just and speedy resolution,” Veloso added.

Last January 21, the NBI announced its agents arrested seven individuals, two of whom are Nigerian nationals, suspected to be involved in the hacking late last year of BDO, the country’s largest bank by asset.

Based on initial reports from the NBI, these individuals are part of the “Mark Nagoyo Heist Group” and were able to access the accounts of BDO’S more than 700 customers. They were able to bypass the onetime-pin requirement and drained funds in those accounts, according to initial reports.

Aside from lauding authorities on the arrest, the BAP also announced the organization of bankers is set to sign a Memorandum of Understanding (MOU) with the Department of Justice on February 4. The BAP said the MOU will facilitate the creation of a collective, coordinated and strategic cyber response that is crucial in this period of heightened cyber criminality. In the same statement, BDO President and CEO Nestor V. Tan assured its clients that all cybercrime-related concerns of BDO will be immediately addressed.

“We continue to make investments and enhancements in our security systems to assure our banking clients will have a safe and secure banking experience,” Tan was quoted in the statement as saying.

Several bankers also commended authorities for the arrest.

“As we move towards the digitalization of our banking system, a key role in ensuring the safety of Filipinos in cyberspace is the swift and resolute enforcement of rule of law,” BAP Second Vice President and ING Bank N.V. Manila Country Manager Hans B. Sicat was quoted in the statement as saying.

Bank of the Philippine Islands President Jose Teodoro K. Limcaoco said that BAP closely coordinates with government authorities. He noted that the information they share with government agencies “has led to the apprehension of cybercriminals.”