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BPI Blames 'System Error' for Glitch, Assures No Money Lost

The bank promises to restore online and electronic services within the day
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UPDATE:

In an advisory released at about 4 p.m., BPI announced that its branches nationwide will be open until 7:30 pm today to assist customers. However, access to electronic channels such as ATMs and online banking are still unavailable pending the resolution of the bank’s internal systems error. BPI also advised clients to ignore any email or message requesting them to submit personal data in connection with efforts to resolve the computer glitch. “Our resolution efforts do not require any client to submit personal data to any party, in particular, via a link embedded in emails or third party site,” BPI said.

***

The Bank of the Philippine Islands (BPI), the country’s oldest bank owned by the Ayala group, blamed a computer glitch for the double posting of some banking transactions that prompted some clients to complain of unauthorized withdrawals on social media late Tuesday night and early Wednesday morning.

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In a statement, BPI said: “We have identified an internal system error that caused some transactions occurring between April 27 and May 2 to be double-posted as of June 6.” Bank officials also dispelled rumors the bank has been hacked.

BPI added it is temporarily suspending access to electronic channels to speed up rectification but assured that all BPI branches opened on time to service clients’ needs. It also promised to restore online and electronic banking services within the day and assured clients that they won’t lose any money because of the glitch.

“We anticipate full resolution of this error within today. We wish to reassure our clients that this matter will be resolved expediently, and that none of them will lose money from this incident,” BPI said.

In an interview on ABS-CBN News Channel, BPI President and CEO Cezar Consing explained that the bank’s computer system picked up the wrong data when it was processing transactions Tuesday evening.

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"It picked up the files or transactions dated April 27 to May 2 and it ran it and so what happened is if you are a client and you transacted with us between April 27 and May 2, you may, and I emphasize may, have a situation where your transaction was recorded twice," Consing said.

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He dispelled fears that the bank was hacked. "This is not a hack, this is an internal issue. Over the next few hours, we are making sure the double credits, debits are corrected," Consing said. He added the double-booked entries will be corrected within the day.

Earlier, ABS-CBN News reported that a BPI depositor in Ortigas claimed she lost P12,000 due to an "automatic debit." The depositor added that an officemate also complained that her bank records showed a P5,000 deduction though she withdrew only P2,000.

This story originally appeared on Entrepreneur.com.ph.

* Minor edits have been made by the Esquiremag.ph editors.

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