Lead us not into temptation to trust the piggy bank again

RELIABILITY and prudence are supposed to be the foundations of trust, the cornerstone of the banking industry, the attributes people look for when they decide to open a savings or a checking account.

Two similar incidents, involving the same number of banks, have shaken the cornerstone of the banking industry and compromised the reliability of automated teller machines (ATM). On June 5, 2017, ATM cardholders of the Bank of the Philippine Islands discovered unauthorized entries in their accounts doubling their debit or credit transactions. The problem, labeled as internal error or system glitch, compelled BPI to disable its ATM network and online banking service.