The Bangko Sentral ng Pilipinas (BSP) has sanctioned Banco de Oro Unibank Inc. (BDO) and UnionBank of the Philippines (UBP) over the "Mark Nagoyo" incident last December 2021, after compling its investigation into the online fraud incident.
"The Monetary Board approved the imposition of sanctions on BDO and UBP to ensure that both banks will swiftly address the issues," the BSP said in a statement on April 28, without providing details about the penalties it imposed on the two banks.
"The sanctions imposed emphasize the importance of continuously enhancing risk management systems involving cybersecurity, anti-money laundering, and combating terrorism and proliferation financing," the central bank noted, adding that the sanctions reinforce the need for banks "to take a proactive stance in ensuring that their depositors are adequately protected."
BDO and UBP have yet to issue their respective statements on the matter.
In December, some BDO users took to social media their grievances about anomalous activities involving their accounts. They reportedly deposited tens of thousands of pesos to a UnionBank user going by the name "MARK NAGOYO."
One user reportedly lost as much as P50,000 in the unauthorized transaction.
Some of the victims sought redress in a public Facebook group named "MARK NAGOYO BDO HACKED."
“This incident is a reminder that we should continue to enhance our defenses against cyberthreat actors," BSP Gov. Benjamin Diokno said, "to protect the integrity of the financial system and the interests of depositors.”
BDO said it already processed the reimbursement of around 700 of its clients who lost their money.
The Department of Justice, meanwhile, found probable cause to charge four individuals behind the scam, including two Nigerian nationals. They were arrested in separate operations last Jan. 20 and 22.