‘Nagoyo’ aftershock: BDO cuts online transfers to UnionBank accounts | Bilyonaryo Business News
Headlines Money

‘Nagoyo’ aftershock: BDO cuts online transfers to UnionBank accounts

It’s been two weeks since the “Mark Nagoyo” scam that affected some 700 BDO clients came to light, but its impact on the industry remains felt to this day.

READ: No report of missing P80K: BDO fact checks Tiktok user claiming to be a ‘Nagoyo’ hack victim

BDO clients took to social media their frustration about the bank’s online services after learning that the Sy-owned lender has removed Union Bank of the Philippines – where stolen funds were sent to “Mark Nagoyo” accounts – from its partner banks for electronic fund transfers, at least for now.

Bilyonaryo checked the BDO app and confirmed that UnionBank is currently not among the options for InstaPay or PesoNET transfers.

Were BDO, UnionBank’s safeguards enough? Privacy Commission probes ’Nagoyo’ scam


For some, it meant an added cost. Their remedy is to transfer the money first to an account in another bank, then remit the money to UnionBank from there –– meaning they pay two fund transfer fees.

BDO, UnionBank eye raps: BSP identifies ‘2 or more’ individuals behind ‘Nagoyo’ scam

“Kasalanan nila pero pinagbabayaran natin,” one user wrote.

Bring back the money! Bangko Sentral working with BDO, UnionBank to reimburse victims of ‘Nagoyo’ hack

Others do it manually and over the counter.

Diokno warns of sanctions for BDO, UnionBank over ‘Nagoyo’ scam


As the popular line of Christopher Lao goes, BDO depositors said they should have been informed.

 

Leave a Comment

5 × two =

This site uses Akismet to reduce spam. Learn how your comment data is processed.