Escudero sets hearing on bank glitches

  • Written by Camille P. Balagtas
  • Published in Top Stories
  • Read: 679

SENATOR Francis Escudero, chairman of the Senate Committee on Banks, Financial Institutions, and Currencies, announced that a Senate hearing on the recent “BPI glitch” and alleged “BDO ATM tampering” will be held on June 21 with officials from the country’s two largest banks, along with officials of the Bangko Sentral ng Pilipinas, the National Bureau of Investigation and the Anti Money Laundering Council in attendance.

Ranking officers of BPI and BDO have been summoned by the Committee regarding technical malfunctions that resulted in their clients losing money in unauthorized transactions.

Escudero said the committee will look into both incidents considering the grave impacts on the country’s financial system should they be repeated.

“This is very alarming and we have to explore measures to prevent a repeat of the incidents,” he said.
NBI CyberCrime Unit conducted its own investigation into the malfunctions suffered by the two big banks.
Escudero said he opted to wait for the findings of the parallel probes by the BSP, AMLC, and the NBI Cybercrime before they decided to invite the parties.
Escudero explained that the Senate inquiry aims to craft remedial legislation considering that the security and integrity of the banking sector is at stake.  

Escudero said that those behind the tampering must be identified and revealed.
Earlier, there were news reports on the alleged arrests of foreigners tampering with ATMs which alarmed bank clients.
Both BPI and BDO reassured the public and their depositors that they are giving proper protection to their clients and their transactions.