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BPI faces internal system error

Adrian M. Reodique | June 9, 2017
[Updated] The error that caused some transactions between 27 April and 2 May to be double-posted on 6 June has been fixed; access to ATMs and electronic channels restored.

This story was originally posted on 7 June 2017. It has been updated at 9am (+08:00 GMT) on 9 June 2017 with new comments from BPI.


Credit: BPI Facebook page

The Bank of the Philippine Islands (BPI) has fixed the internal system error that caused mis-postings on its clients' accounts.

At 10pm on Wednesday (7 June 2017), the bank announced that access to its ATMs has been restored. Electronic channels — such as mobile and online banking — have been up and running since 9pm yesterday (8 June 2017). They were initially deactivated around 10am yesterday to enable the bank to make the necessary adjustments to affected customers' accounts.

On Wednesday morning, the bank reported an internal system error that caused some transactions between 27 April and 2 May to be double-posted on 6 June. "Due to an internal data processing error, some clients may have seen their accounts debited twice or credited twice for a past transaction," said BPI on an advisory posted on its Twitter page. 

Some customers have also reported a negative balance or unauthorised withdrawal from their accounts on the same day.

The bank re-assured clients that they will not lose money from this incident. 

In a CNN Philippines article, Deputy Governor Nestor Espenilla of Bangko Sentral ng Pilipinas (BSP) said the BPI system was not hacked. "[This incident is due to a] system error. BPI said they will resolve today. No money will be lost," Espenilla said in a message to Department of Finance Secretary Carlos Dominguez.

Pia Roman Tayag, head of BSP inclusive finance and financial consumer protection, echoed the same statement in an interview with DZMM, and dismissed rumours on social media that the bank was hacked. 

 

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