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‘Nagoyo’ (or the great BDO hack)

Republika

Multiple Banco de Oro (BDO) Unibank account owners recently fell victim to numerous, massive unauthorized bank transfers resulting in losses amounting to thousands in earnings and savings.

Beginning on December 11, many BDO account holders took to social media to share their plight and even warn fellow bank-goers.


They would receive email and text message notifications from BDO regarding bank transfers that they had no knowledge of, successfully processing, indicating that their accounts had somehow been breached by cybercriminals.


It took place on such a large scale that a public Facebook group named “Mark Nagoyo BDO Hacked” was formed.


Mark Nagoyo was the name of the Union Bank of the Philippines account to which all the victims’ hard-earned money had been siphoned; ‘nagoyo’ itself is a Filipino term that means to con or fool another individual.


Victims were absolutely baffled at the crime, as they maintained that they had been careful not to interact with any malicious links or sites, nor publicly state any personal banking details.


Upon learning of the crimes, BDO and Union Bank both sprung into action, launching coordinated investigations with the Bangko Sentral ng Pilipinas (BSP), while the former also guaranteed the victims reimbursement of their stolen money.


“BDO Unibank has been informed about OTP [One Time Pin]-related concerns. The bank would like to assure its clients that it is looking into each of the cases and will revert back to those who have been affected,” it assured.


Although the Philippine National Police Anti-Cybercrime Group (PNP-ACG) closely monitored the situation as it went viral, they stated that none of the victims had come forward to file a complaint with their agency, which prevented them from launching a formal investigation as well.


A few days following the social media reveals of the incident, Union Bank announced that they had identified six potential suspects involved in the hacking, and had filed the relevant information with the PNP and National Bureau of Investigation (NBI).


Additionally, the BSP formed a task force dedicated to further investigation of the crime.


Meanwhile, several House Resolutions (HR) were filed by concerned lawmakers with the goal of tackling the issue of financial cybercrime.


Bayan Muna Representatives Carlos Isagani Zarate, Ferdinand Gaite, Eufemia Cullamat, and Albay 2nd District Rep. Joey Sarte Salceda spearheaded the initiatives in filing their resolutions, which would also result in a congressional inquiry of the incident.


Salceda also explained that the country’s law enforcement agencies do not yet have the “specific anti-financial crime units” necessary for such events.

Photo: Philippine Primer


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