Cybersecurity
Account Error at Big Philippine Bank Causes Social Media Storm
- Balances at some Bank of Philippine Islands accounts affected
- BPI President Consing denies lender targeted by hackers
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Bank of the Philippine Islands blamed an internal data-processing error for inaccurate customer-account balances amid a flurry of claims on social media over unauthorized withdrawals and missing funds.
Some deposit accounts don’t reflect their correct balances because the processing error had caused past transactions to be either debited or credited twice, the third-largest Philippine lender by assets said in an advisory Wednesday. BPI shares were little changed as of 11:18 a.m. in Manila after opening 1.9 percent lower.