QUICK TAKE: CIMB Philippines Returns User Funds After Unauthorized Transfer Issue

CIMB Bank Philippines announced that it has resolved the recent issue of unauthorized fund transfers affecting a limited number of its customers.

What Happened:

• Reports surfaced on social media, including X, where customers claimed unauthorized transactions on their accounts, with losses ranging from ₱50,000 to ₱500,000. (Read more: CIMB Bank Philippines Investigates Unauthorized Fund Transfers, Promises Full Reimbursement)
• Some affected customers noted that the transactions occurred without receiving one-time password (OTP) prompts.
• CIMB Bank immediately launched an investigation and temporarily suspended its mobile app and partner apps for a system check.

The Bank’s Response:

• CIMB confirmed that all affected customers have had their funds fully returned.
• The bank emphasized that its core banking systems and customer data remain “secure and uncompromised.”
• In a follow-up statement, CIMB apologized for the inconvenience and pledged to further strengthen its systems to prevent similar incidents.

CIMB Bank PH reminded users that deposits are insured by the Philippine Deposit Insurance Corporation (PDIC) up to ₱1 million per depositor.

Also read: (Apr. 2025) List of Digital Banks With High Interest Rates in the Philippines

Advertisement

This is a Quick Take Article from BitPinas: QUICK TAKE: CIMB Philippines Returns User Funds After Unauthorized Transfer Issue

What else is happening in Crypto Philippines and beyond?