Tuesday, June 6, 2017

BPI hit by system glitch causes clients 'losing money' in accounts

The Bank of the Philippines Islands (BPI) is having a major system glitch led to customers being hit by unauthorized transactions that deducted money from their accounts or worse, even led to their account balances becoming negative on Wednesday, June 7.

Numerous BPI clients posted on social media claiming they have lost anything from 4,000 pesos ($80; £62) to up to 100,000 pesos.

The bank moved to suspend the access to electronic banking while errors were corrected.

However, BPI customers complain on how they can check/access their accounts to see if they were affected.

Based on the 2016 annual report, Bank of the Philippine Islands (BPI) had nearly 8 million clients and 1.4tn pesos in total deposits.

As of 12:43 PM, BPI twitter account posted an advisory regarding the efforts to fixed the sytem glitch and remind its depositors not to give out personal data to any party; in particular via link attached on email or third party site.

BPI shares fell nearly 2% in early stock market trading in Manila.

The 165 year-old BPI counts Philippines conglomerate Ayala and Singapore sovereign wealth fund GIC among its major shareholders.

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