BDO Unibank Inc. has almost completed the reimbursement of money to its clients affected by the recent “Nagoyo” scam, the Bangko Sentral ng Pilipinas (BSP) reported on Wednesday.
BSP Governor Benjamin Diokno told reporters that the BSP’s oversight examination team reported that both BDO and Union Bank of the Philippines have “extended their full cooperation” in the ongoing investigation.
In the report, Diokno said BDO has reimbursed 94 percent of all affected customers.
The governor also said the bank has assured the BSP that remaining clients will be fully reimbursed for their losses.
BDO was the target of a cybercrime incident in late 2021, where cash was transferred unknowingly from BDO account holders to a person named Mark Nagoyo, who has several UnionBank accounts. The bank said over 700 clients were affected by the online fraudulent transactions.
“The BSP continued to coordinate with law enforcement agencies, relevant government bodies, including the Anti-Money Laundering Council, and key stakeholders in our efforts to strengthen cyber security,” Diokno said.
“We are also working closely with the Philippine Congress for the passage of measures on SIM registration and anti-mule accounts. These measures are seen to deter fraud and other financial crime and improve the handling of consumer complaints,” he added.
Last month, the Bankers Association of the Philippines (BAP) issued a statement lauding the arrest of the perpetrators of the “Nagoyo” scam.
“We thank the National Bureau of Investigation [NBI] and the Department of Justice [DOJ], for their successful collaboration in holding cybercriminals accountable for what they have done,” BAP President Jose Arnulfo Veloso said.
“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.