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Thursday, March 28, 2024

NBI likely to dismiss inside job in bank online hacking

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The National Bureau of Investigation (NBI) is “not inclined to believe” that an insider was involved in the “Mark Nagoyo” online hacking incident that involved two banks.

Vic Lorenzo, head of the NBI’s Cybercrime Division, in an interview on Super Radyo dzBB Thursday said: “Based on our experience and on the behavior of the incident, on how it was executed, we are not inclined to believe that there is an insider, because there was actually no need for one.”

The incident refers to the unauthorized transfer of funds from unsuspecting BDO Unibank Inc. account holders to a fictitious bank account with UnionBank under the name “Mark Nagoyo.”

Lorenzo said the hackers might have gotten the pertinent information from the victims not through an insider but through “phishing” — a type of social engineering attack often used to steal user data.

“We are looking at the compromised accounts, and we are seeing that in all probability there were victims of phishing,” he said.

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Though investigators are not discounting the possibility that foreigners were involved, Lorenzo said they believed the perpetrators were likely local.

Union Bank of the Philippines said Wednesday it had identified at least six “persons of interest” behind the hacking incident but did not name them.

BDO, meanwhile, has started processing the reimbursement of nearly 700 clients affected by the hacking.

The Bangko Sentral ng Pilipinas, for its part, has formed a task force to investigate the incident, with 30 days to come up with a recommendation regarding possible sanctions and penalties.

Lorenzo urged users to still use online transactions.

“Let us not be afraid to use online transactions because when we compare the number of fraudulent transactions with successful transactions, we’ll see that it’s negligible,” he said.

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