2017 Bank of the Philippine Islands systems glitch

2017 Bank of the Philippine Islands systems glitch
One of the BPI branches located at Baliuag, Bulacan
Date June 6–8, 2017 (2017-06-06 – 2017-06-08)
Location Philippines (nationwide)
Type Systems glitch

On June 7, 2017, the Bank of the Philippine Islands (BPI) suspended its online transaction and automatic teller machines (ATMs) services amidst reports of money missing from its account holders. There is speculation that BPI was compromised by hackers but the bank claims that the problem is caused by an internal data processing error.[1]The scope of the issue is nationwide according to the bank[2] and also says that only a small portion of its customers were affected and that most of them are in Metro Manila.[3]

It was reported that the value of some transactions made from April 27 to May 3, 2017 were doubled.[1] The bank has issued a statement that they are resolving the issue and assured that its clients would not lose any money.[3]

BPI's stocks in the Philippine Stock Exchange remained unaffected in response to the incident. Luis Limlingan, head of research and sales at Regina Capital Development Corporation views that most investors could have seen the incident as a one-off event that could be resolved. According to Limlingan the real problem would be how BPI deals with its disgruntled customers.[4]

BPI announced that they resolved the issue at 9 p.m. on June 8, 2017. The Bangko Sentral ng Pilipinas, the country's central bank, launched a probe on the incident.[5]

See also

References

  1. 1 2 "Major Philippine bank encounters serious problem". VietnamPlus. Vietnam News Agency. 8 June 2017. Retrieved 8 June 2017.
  2. ↑ Tomacruz, Sofia (8 June 2017). "BPI clients frustrated over service concerns, money woes due to glitch". Rappler. Retrieved 8 June 2017.
  3. 1 2 Rada, Julito (8 June 2017). "BPI glitch stirs chaos; central bank weighs in". Manila Standard. Retrieved 8 June 2017.
  4. ↑ Tomacruz, Sofia (7 June 2017). "How investors view BPI's system glitch". Retrieved 8 June 2017.
  5. ↑ Agcaoili, Lawrence (10 June 2017). "BSP starts probe on bank glitch". The Philippine Star. Retrieved 11 June 2017.
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