On June 5, 2017, ATM cardholders of the Bank of the Philippine Islands discovered unauthorized entries in their accounts doubling their debit or credit transactions. The problem, labeled as internal error or system glitch, compelled BPI to disable its ATM network and online banking service. Who knows which bank will fall prey to a similar system glitch that will compromise ATMs and post unauthorized transactions against cardholders’ accounts? Failing to restore people’s trust in the banking system as soon as possible could lead depositors to entertain thoughts of keeping their money in the safety of their homes again. They should lead us not into temptation of trusting the piggy bank again, but deliver us from the evils of skimming, ATM fraud and hacked accounts.

Source: Manila Times June 17, 2017 16:41 UTC