BDO Unibank to compensate customers affected by online fraud

BDO Unibank Inc. said it will compensate customers affected by unauthorized transactions, the Philippine Daily Inquirer reported Dec. 12, citing a statement from the bank.

The lender said it is aware of a "sophisticated fraud technique" that has affected some of its customers. The statement comes after some clients posted on social media that unauthorized fund transfers were sent to a Union Bank of the Philippines account.

Additional security measures were implemented to block unauthorized transactions and online banking customers were required to update their passwords, the bank added.

In a Dec. 11 statement, the Philippines central bank said it is coordinating with both lenders to ensure that remedial measures are being undertaken, including reimbursement for affected consumers.