“We encountered an unexpected system error that affected some transactions. Immediate action was taken and it has since been resolved,” a CIMB spokesperson said in an email to InsiderPH.
The incident, which was initially reported on the night of April 26, prompted the Bangko Sentral ng Pilipinas (BSP) to coordinate with the bank to ensure the protection of customer accounts. CIMB earlier confirmed that all affected customers have had their funds returned .
The bank reiterated that its core banking system and customer data remained secure throughout the incident. No details have been disclosed by either CIMB or BSP regarding how the unauthorized transactions were processed or how much was involved.
CIMB said it is implementing additional safeguards to strengthen its digital infrastructure following the incident.
“We are reinforcing our security measures and continuously upgrading our systems to ensure the highest levels of protection for all customer accounts,” the spokesperson added.
The BSP said it would continue to monitor CIMB’s remediation efforts until the matter is fully resolved.
CIMB Bank Philippines is a fully digital lender serving over nine million customers in the country. It operates under Malaysia’s CIMB Group, the fifth largest banking group in the ASEAN region. The bank has been recognized by international award-giving bodies for its digital banking innovations and customer service.
The incident is the latest challenge for the digital banking sector in the Philippines, which has expanded rapidly amid rising consumer demand for online financial services.
— Edited by Daxim L. Lucas
