‘Hoy BPI’ Trends on Twitter as Bank Resolves Unauthorized Transactions

A technical glitch that affected thousands of clients of Bank of the Philippine Islands (BPI) has been resolved. BPI issued an advisory yesterday explaining the “0431 Debit Memo glitch” that caused duplicate transactions and unauthorized deductions. These transactions were completed at ATMs, CAM deposits, POS locations, and e-commerce debit terminals on Dec. 30-31, 2022, or before the New Year.

The Ayala-led bank guaranteed its clients that their accounts are safe and secure. In a Facebook update released on Jan. 4 (6:30 PM), BPI posted that they have successfully reversed the duplicate transactions on affected accounts.

Many BPI consumers expressed their sentiments on Twitter with the words “Hoy BPI,” as they struggled with checking their remaining balance and unauthorized deductions.

Meanwhile, the Bangko Sentral ng Pilipinas (BSP) has released its official statement, saying that it had closely coordinated with the BPI and instructed the bank “to submit a timeline and updates on the reversal of its erroneous transactions.”

“The Bank already identified the root cause of the operational error and committed to reverse the erroneous transactions and restore mobile and internet banking services the soonest possible (time),” the BSP added.