MANILA, Philippines – In an official statement, BPI pointed to an “internal system error” that caused invalid transactions to be posted to numerous accounts on Wednesday morning.
Numerous customers reported seeing unauthorized transactions on their accounts, causing rumors that the bank was hacked.
Panicked clients reported seeing negative account balance after losing money to “unauthorized withdrawals”. A majority of the victims were said to be on payroll and savings accounts.
Users also reported seeing earnings being credited on their account.
Transactions were subsequently frozen and BPI online banking website returned the error “503 Service Temporarily Unavailable”.
BPI is expecting to resolve the issue within the day.
Further to our announcement this morning, we have identified an internal system error that caused some transactions occurring between April 27 and May 2 to be double-posted as of June 6.
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.
We anticipate full resolution of this error within today. We wish to reassure our clients that this matter will be resolved expediently, and that none of them will lose money from this incident.