Insider spotlight:
In a statement dated April 27, 2025, the regulator said it “is closely coordinating with CIMB regarding the resolution of unauthorized fund transfers that affected some of its customers.”
The BSP added that CIMB had given assurances that the affected funds would be restored to the rightful owners.
“Based on preliminary report, CIMB has started restoring customer balances,” the central bank said.
The regulator also said it would continue to monitor the situation until it is fully resolved, emphasizing its commitment to “safeguarding the security of the financial system, protecting consumer welfare, and maintaining public trust.”
In a separate statement issued Sunday evening, CIMB Bank Philippines said that the incident involving unauthorized transfers on the night of April 26 had been resolved.
“All affected customers have had their funds returned,” CIMB said. “The bank would like to emphasize that its core banking system and customer data remain secure and uncompromised. Protecting customers’ security continues to be the bank’s highest priority.”
The digital-only lender also apologized for the inconvenience caused and said it is taking additional steps to strengthen its systems.
Neither CIMB Bank Philippines nor the BSP disclosed the details of how the unauthorized withdrawals were made or the amount involved.
Customers with concerns were advised by CIMB to reach out through its official channels, including its customer care hotline and mobile app.
CIMB Bank Philippines, part of Malaysia’s CIMB Group, operates as a fully digital commercial bank and serves over nine million customers locally. The bank had recently been recognized as the country’s top digital-only bank by several international award-giving bodies.
The incident marks the latest test for the country’s growing digital banking sector, which has seen rapid growth in recent years amid a broader push toward financial technology adoption.
— Edited by Daxim L. Lucas
