UCPB probing ”reported” theft of P167 million; BSP says ”no financial losses or damages were incurred by UCPB account holders”

September 3, 2020

United Coconut Planters Bank (UCPB) said it is investigating '' an incident'', which a business website claimed that P167 million were stolen from automated teller machines.

The Bangko Sentral ng Pilipinas (BSP) said Thursday ''it is well aware of the reported UCPB incident and has been in close coordination with the bank since the early part of the investigation.''

BSP said ''initial investigation results also indicate no financial losses or damages were incurred by UCPB account holders in this particular incident.''

“UCPB is investigating the incident in close coordination with the NBI and other concerned authorities. Pending completion of the investigation which started mid-June, the Bank continues to review and strengthen its IT and security controls," the bank said in a statement carried by broadcast stations.

"The Bank would like to assure its stakeholders that clients' funds were not affected by the incident. UCPB remains to be a strong and profitable institution, registering a net income of P2.9 billion for the first half of 2020,” it added.

Bilyonaryo.com.ph, citing a bank insider, reported that hackers were able to enter UCPB's core system in the midst of an online security upgrade.

BSP said '' it remains steadfast in fully resolving the matter as we work closely  with the bank and relevant law enforcement agency.'' DMS