In the case of BPI, it was the work of a lone programmer that caused double posting of transactions in the clients’ accounts that forced the bank to disable its electronic banking system until the errors were rectified. For BDO Unibank, it was the work of fraudsters who skimmed money from automated teller machines. And the confluence of theft, skimming and electronic glitches that hound the banking system leave the industry bruised and battered. To paraphrase the National Bureau of Investigation: the integrity of the banking system was the casualty in the qualified theft that happened at Metrobank. It is up to the Bangko Sentral ng Pilipinas and the individual banks and financial institutions it supervises to clean up this mess and assure the depositors that there is nothing wickedly wrong with the banking system by regulating the industry—not just working up to the media for publicity stunts—and cleaning up their ranks with wickedly bad people.

Source: Manila Times July 22, 2017 16:30 UTC