Scribd Logo
Upload

Welcome to Scribd!

  • 19 views

    Actions Made by The Bank of The Philippine Islands

    Uploaded by

    Erlyn Jamaica Santos
    The Bank of the Philippine Islands (BPI) experienced a system glitch on June 7th that caused some client accounts to be debited or credited twice for past transactions. BPI suspended access to electronic banking channels to speed up rectification efforts and assured clients the issue was not caused by hacking. On June 9th, access to ATMs, online and mobile banking was restored after being fixed, though some difficulties were expected due to high traffic. A BPI executive said a female programmer was responsible for the error and had been reassigned pending an investigation.

    Copyright:

    © All Rights Reserved
    Download as DOCX, PDF, TXT or read online from Scribd

    Actions Made by The Bank of The Philippine Islands

    Uploaded by

    Erlyn Jamaica Santos
    19 views3 pages
    The Bank of the Philippine Islands (BPI) experienced a system glitch on June 7th that caused some client accounts to be debited or credited twice for past transactions. BPI suspended access to electronic banking channels to speed up rectification efforts and assured clients the issue was not caused by hacking. On June 9th, access to ATMs, online and mobile banking was restored after being fixed, though some difficulties were expected due to high traffic. A BPI executive said a female programmer was responsible for the error and had been reassigned pending an investigation.

    Original Description:

    dkskj

    Original Title

    Actions Made by the Bank of the Philippine Islands

    Copyright

    © © All Rights Reserved

    Available Formats

    DOCX, PDF, TXT or read online from Scribd

    Did you find this document useful?

    Is this content inappropriate?

    The Bank of the Philippine Islands (BPI) experienced a system glitch on June 7th that caused some client accounts to be debited or credited twice for past transactions. BPI suspended access to electronic banking channels to speed up rectification efforts and assured clients the issue was not caused by hacking. On June 9th, access to ATMs, online and mobile banking was restored after being fixed, though some difficulties were expected due to high traffic. A BPI executive said a female programmer was responsible for the error and had been reassigned pending an investigation.

    Copyright:

    © All Rights Reserved
    Download as DOCX, PDF, TXT or read online from Scribd
    Download as docx, pdf, or txt
    19 views3 pages

    Actions Made by The Bank of The Philippine Islands

    Uploaded by

    Erlyn Jamaica Santos
    The Bank of the Philippine Islands (BPI) experienced a system glitch on June 7th that caused some client accounts to be debited or credited twice for past transactions. BPI suspended access to electronic banking channels to speed up rectification efforts and assured clients the issue was not caused by hacking. On June 9th, access to ATMs, online and mobile banking was restored after being fixed, though some difficulties were expected due to high traffic. A BPI executive said a female programmer was responsible for the error and had been reassigned pending an investigation.

    Copyright:

    © All Rights Reserved
    Download as DOCX, PDF, TXT or read online from Scribd
    Download as docx, pdf, or txt
    You are on page 1of 3

    Actions made by the Bank of the Philippine Islands

    June 7

    "We have identified the root cause of this error, and are temporarily suspending access to
    electronic channels to speed up rectification. All BPI branches will open on time this morning,
    and will continue to service your needs," BPI also said.

    BPI issues the advisory 12 hours after it announced that it had fixed the system glitch that caused
    unauthorized transactions on client accounts.

    At 10:03 pm on Wednesday, June 7, the bank announced that it had "rectified the mispostings
    related to the internal systems problem," and that it had also restored automated teller machine
    (ATM) functionality.

    In a statement on BPI’s official Facebook page, they said, “Due to an internal data processing
    error, some clients may have seen their accounts debited twice or credited twice for a past
    transaction.”

    However, BPI said that they are currently correcting the transaction history and reassured their
    customers that the glitch was not caused by hacking.

    June 8

    advisory on Twitter posted at 10:46 am.


    Further announcements said that they are currently suspending access to their electronic channels
    to speed up their rectification efforts to remedy the issue. Clients may not be able to log on to
    their BPI Express Online apps and website until their system is rectified.

    June 9, 2017, 10:26AM


    Access to their electronic channels such as ATMs, online banking, and mobile banking has
    finally been fixed since 9:00pm of June 8, 2017. However, there may be a little difficulty in
    accessing these channels due to the high traffic that it’s expected to getting. Don’t fret though
    because they are also expecting their services to normalize as the day progress.

    INQUIRER.NET

    The errors that showed up in the outstanding balances of clients' accounts,


    executives of told a Senate hearing on the matter.

    BPI Executive Vice President for Enterprise Services Ramon Jocson said the
    programmer processed the transactions immediately, before sending a
    request from her supervisor.

    "What she did was maybe because of expediency," Jocson told the Senate
    Committee on Banking, Financial Institutions and Currencies.

    The bank executive did not identify the programmer, but said she had been
    reassigned to another department while an investigation into the fiasco is
    ongoing.

    “Let’s wait, let us not panic about this because that’s the worst…What I’m saying is
    they’re addressing the issue and I think that it’s good that they already came up with a
    statement and I think that they will fix it immediately,” Poe said.

    “They should come out with a report on what caused this so that people will not be left
    in the dark and have unnecessary worries about their accounts. They should be able to
    uphold the trust given to the banking institutions,” the senator added.

    Joseph Albert Gotuaco, BPI executive vice president and chief financial officer, said
    what was affected from June 7 to 8 was the ATM cash acceptance machines, as well
    as online and mobile banking, and this “impaired” 500,000 to 600,000 transactions on
    those two days.
    Ramon Jocson, BPI executive vice president, said a female programmer, who was not
    identified, was responsible for the glitch.
    “She owned up to the mistake,” Jocson said, adding that the specialist had been
    reassigned and her access to her system had been blocked pending the bank’s
    investigation.

    Assistant Governor Chuchi Fonacier of the BSP said investigation of the BPI glitch
    was continuing but said so far there was no evidence of “hacking or computer
    glitches, just human error.”

    You might also like