BSP asks CIMB Bank Philippines to 'swiftly address' root cause of unauthorized fund transfers
The Bangko Sentral ng Pilipinas has asked all-digital lender CIMB Bank Philippines to swiftly address the root cause of the unauthorized fund transfers that affected some of its customers.
"Based on the latest updates from CIMB, the funds of all affected customers have been restored to their respective accounts," BSP said in a statement on April 29. "CIMB is also conducting a thorough investigation to prevent recurrence of similar incidents."
BSP noted that it maintains ongoing engagement with CIMB and "stands ready to take the necessary supervisory actions in pursuit of its commitment to uphold the integrity, stability, and resilience of the Philippine financial system."
It also asked the public to refer to the BSP and CIMB's official communication channels for updates.
CIMB, in a Facebook post on Sunday, April 27, said the incident of unauthorized fund transfers on the night of April 26 "has been resolved."
It emphasized that its core banking system and customer data "remain secure and uncompromised." It didn't provide an explanation as to what led to the unauthorized fund transfers.
"Protecting your security continues to be our highest priority," it noted. "We regret any inconvenience this incident may have caused and want you to know that we are taking all necessary steps to strengthen our systems further."
"We sincerely thank you for your patience and understanding, and we remain fully committed to serving you with the highest standards of security and service," it added.
CIMB's banking services through its app and partner apps have also been restored after undergoing a "system check," which was announced at 12:50 a.m. on April 27.
CIMB Bank Philippines is part of the CIMB Group of Malaysia. It's known for offering competitive interest rates.
Last February, it announced having over nine million customers, and shared it's targeting to have 10 million customers this 2025.
