UCPB probes P167-million cyber heist

Nigerian hackers were able to steal through malware, which gave them remote access functions and allowed them to send and receive cash online.

State-owned United Coconut Planters Bank (UCPB) is working with authorities, as Nigerian hackers were able to steal P167 million from the bank.

First reported by Bilyonaryo, a UCPB insider said hackers were able to steal through malware, which gave them remote access functions and allowed them to send and receive cash online.

The suspects transferred funds from UCPB accounts and withdrew them immediately from automated teller machines last June. The scheme was allegedly implemented during the bank's security upgrade.

"The bank would like to assure its stakeholders that clients' funds were not affected by the incident and that security measures have been implemented to avoid recurrence of the June incident," UCPB said.

UCPB added that it "remains to be a strong and profitable institution, registering a net income of P2.9 billion for the 1st half of 2020."

The Bangko Sentral ng Pilipinas (BSP) said UCPB is coordinating with the National Bureau of Investigation over the incident.

"Initial investigation results also indicate no financial losses or damages were incurred by UCPB account holders in this particular incident," the BSP said.

"Rest assured, in pursuit of our cybersecurity agenda, we continue to collaborate and engage the BSP supervised financial institutions to ensure the safety and integrity of the financial system as well as the protection of the financial consumers." – By: RALF RIVAS|Rappler.com

Source: Peso Economics