BDO has defended its new policy clearing the bank from any liability from online banking fraud, describing it as “regular legal compliance in the banking industry.”
No liability for lender: Netizens rue change in BDO’s terms and conditions after ‘Nagoyo’ scam
A netizen caught the new line in the bank’s electronic banking terms and conditions which states that BDO “shall not be liable for any loss or damage” regarding the use of their online banking services from hacking or any other security breaches “with or without your participation.”
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This means the bank owned by the bilyonaryo Sy family doesn’t have to compensate online hacking victims even if it’s their fault and not of the customer.
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“The liability clause is a regular legal compliance in the banking industry,” BDO said in a statement.
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The lender added that despite this contentious provision, they still choose to reimburse affected clients.
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“In many cases, the bank made exception to shoulder losses not caused by the clients to maintain good customer relation, even if the bank is not legally liable,” BDO added.
The Sy-owned bank updated its terms and conditions for online banking clients after the “Mark Nagoyo” scam, which saw about 700 clients lose up to P50,000.
Diokno warns of sanctions for BDO, UnionBank over ‘Nagoyo’ scam
The incident was blamed on what was believed to be a system compromise as hackers got into an old web service that left depositors’ online login details exposed. The stolen funds were sent to accounts under the Union Bank of the Philippines under Nagoyo’s name.
Nagoyo na! BDO clients report massive fraud over missing deposits
