Bank of the Philippine Islands, the third-largest lender in terms of assets, said Thursday it resolved the duplicate transactions that affected accountholders on Dec. 30 and 31 and vowed to improve processes to prevent the recurrence of the problem.
Some BPI accountholders complained on social media that their ATM, CAM deposit, POS (point of sale) and e-commerce debit transactions from Dec. 30 to 31, 2022 were posted twice.
BPI said in a statement it had worked to reverse the duplicate transactions and the issue was resolved, as committed.
“We would like to thank our customers and other stakeholders for their patience, understanding and support during the period. We are humbled by our clients’ unwavering trust in our ability to safeguard their accounts and their heartwarming appreciation of our frontliners’ immediate response and attention,” the bank said.
BPI president and chief executive Jose Teodoro Limcaoco said the bank regrets the incident and its effect on customers.
“No one is ever perfect, and when you stumble, you admit and address…. This incident only strengthens our resolve to always pursue excellence, uphold the highest banking standards, and repay the trust and confidence our customers place in us,” Limcaoco said.
He said BPI was committed to reviewing and improving existing systems, processes and controls to address gaps and pursue enhancements to prevent recurrence.
“We have 171 years of legacy and trust to preserve which we have done so through continuous innovation, process re-engineering, and prudent management. At BPI, we understand that when our customers bank with us, they are giving us their trust. They have our assurance that their accounts are safe and secure,” the bank said.
BPI said on Wednesday evening it had resolved the duplicate transactions on affected BPI accounts, but clients might experience “intermittent access” to its web and mobile app platforms, given the high volume of inquiries on its online banking channels.
Several clients through Facebook comments commended BPI for resolving the issue quickly. They said their money affected by the double-debit transactions had been reimbursed.
The Bangko Sentral ng Pilipinas earlier ordered BPI to submit a timeline and updates on the reversal of double-debit transactions.
The BSP said BPI had identified the root cause of the operational error and committed to reverse the erroneous transactions and restore mobile and internet banking services the soonest possible.
The BSP said it had been working to strengthen banks’ cyber resilience through industry-wide initiatives to protect consumers amid increasing digital payments.