Three House of Representatives committees were asked on Monday, Dec. 13 to conduct a congressional inquiry into the reported fraudulent bank transactions that have allegedly victimized depositors of BDO Unibank Inc.

Bayan Muna Representatives Carlos Isagani Zarate, Ferdinand Gaite, Eufemia Cullamat filed House Resolution No. 2405 calling on the House Committee on Bank and Financial Intermediaries to conduct a probe, in aid of legislation, into the incident.

On the other hand, Albay 2nd District Rep. Joey Sarte Salceda filed HR 2406 urging the Committees on Public Order and Safety and on Public Accounts to “conduct hearings, in aid of legislation, on the capacity of law enforcement agencies to apprehend, detect, investigate and prosecute financial cybercrimes.”

Salceda also filed HR 2407 asking the banks and financial intermediaries panel to look into the safety and security features of the country’s digital banking, assess the user protection mechanisms put in place by banks and electronic payment solution providers and other measures aimed at ensuring the integrity of the digital systems in banking.

In pushing for the congressional inquiries, Salceda wrote that “without adequate protections from banks for their retail users, ordinary citizens are compelled to use digital payment solutions due to mobility restrictions and convenience even when they are not certain about the security of their hard-earned savings.”

Bayan Muna lawmakers believe that there is an urgent need to further evaluate how safe the country's banking system is from hackers and cybercriminals.

“More than the admission of the occurrence of security breach or fraud and pursuing reactive measures, the members of the banking industry, as well as the BSP (Bangko Sentral ng Pilipinas) should put in place more protective measures and policies to protect the interst of the public and the integrity of the banking transactions,” authors of HR 2405 said.

In a statement, the BDO Unibank said it has been “informed about the ONe-Time Pin (OTP)-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,” the BDO statement added.

The BSP has also started investigating complaints raised by BDO clients.

“We are in close coordination with BDO, as well as UBP (Union Bank of the Philippines on this incident to ensure that remedia measures are being undertaken, including reimbursement of affected consumers,” BSP Governor Benjamin Diokno said in a statement.

Salceda, chairman of the House Committee on Ways and Means, noted that Republic Act NO. 10175 or the Cybercrime Prevention Act already penalizes computer-related fraud or the ‘unauthorized input, alteration or deletion of computer data or program or interference in the functioning of a computer system” that cause damage as a reuslt of fraudulent intent.

However, the veteran lawmaker said law enforcement agencies “do not yet have specific anti-financial crime units that are otherwise typical in other countries.”