BPI apologizes for glitch, assures clients to get their money back

BPI assured their clients the mispostings in their bank accounts due to a system glitch that will be restored at the within the day. 2 min

BPI system glitch june 2017

MANILA, Philippines – The Ayala-led Bank of the Philippine Islands (BPI) on Wednesday, June 7, apologized to its clients following an internal data processing error and assured its clients that they will get back the money they lost due to a system glitch that caused unauthorized withdrawals in a number of savings accounts.

In an interview on Wednesday, The BPI President and CEO Cezar Consing apologized to their clients and promised to return their money within the in 24-hours window.

“We want to assure them that they have not lost money. This is simply a glitch. The amount will be restored by the end of the day,” BPI President ans CEO Cezar Consing said. “We apologize very earnestly and very sincerely to our clients who were affected by this,” he added.

The BPI said that the bank system had to be taken down on Wednesday to repair the system glitch and later in the day, “the right amount will appear” in the account balance of affected account holders.

With the BPI system down, there will be a temporary suspension of access to electronic mediums, the bank said in a press statement.

When he was asked what BPI will do to prevent a repeat of the incident, Consing said that they will will exercise every precaution to ensure that this will not happen again.

“We can’t be in the business of absolute certainty but what we can be certain about is we will make every effort that this will not happen again, Consing said.” He added, “What we are certain about is no one loses money on account of this system glitch.”

The BPI brass also said that the bank’s statement that the incident was “a very unfortunate glitch” and “not a hack at all.”

Meanwhile, on the accounts that have been received money because of the system glitch, the BPI boss said: “I hope they don’t spend that money. That’s money that is not really theirs and we’ll make that correction today too.”

As for the Bangko Sentral ng Pilipinas (BSP) Governor Nestor Espenilla Jr said that for now, the Philippine government’s central bank accepts the official press statement of the BPI that the incident was caused by a glitch and was not due to hacking.

Many BPI clients woke up on Wednesday morning to BPI advisories that they had made withdrawals that they did not authorize, causing an uproar on social networking services. BPI attributed the catastrophe to an “internal data processing error.”

The Ayala-led bank is focused on making sure that the mispostings of client’s account balance are corrected but Consing stressed that company are more sensitive to their clients who think they might have lost money.

The bank reiterated that the incident was a simple system-wide glitch that will be restored at the end of the day.—Velvetiere.com

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Ronald Delos Santos
Ronald has been a technology journalist since 2012 and was previously reporting for The Centrio Times. He also covered tech industry news in his first job as a reporter with a local magazine, based in Makati.