BSP orders CIMB to ‘swiftly address’ cause of unauthorized transfers
MANILA, Philippines — The Bangko Sentral ng Pilipinas (BSP) has directed CIMB Bank Philippines to promptly address the root cause of the recent unauthorized fund transfers that affected several of its customers.
In a statement on Tuesday, April 29, the central bank issued this instruction following reports of CIMB account holders experiencing unauthorized transactions last weekend.
“Based on the latest updates from CIMB, the funds of all affected customers have been restored to their respective accounts.
“CIMB is also conducting a thorough investigation to prevent recurrence of similar incidents,” it added.
Social media was abuzz over the weekend as numerous CIMB clients reported unauthorized deductions from their accounts, with some saying they had lost money.
CIMB then reversed the funds back to its customers on April 27.
The central bank said it is in constant communication with CIMB and is prepared to take necessary supervisory actions to ensure the "integrity, stability and resilience" of the Philippine financial system.
— Ian Laqui
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