Home Business Should banks be held liable for the BDO/Unionbank phishing scam?

[OPINION] Should banks be held liable for the BDO/Unionbank phishing scam?

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You have to give it to Filipinos for always injecting humor in everything they do – even in the perpetration of scams. The recent news about the unauthorized fund transfers from BDO depositors’ accounts to the UBP account of Mark Nagoyo brought to the fore the issue of bank liability for online scams and the Filipino brand of humor. 

I suspect that whoever is the perpetrator of this scam is a Filipino, considering that only a Filipino would fully understand the irony of the manner this scam was done. The last name of the UBP account holder “Nagoyo” is a Filipino word which means “you have been fooled.” What caught my attention though was its seeming similarity with another last name that is very familiar to those who are into cryptocurrency: Nakamoto. I really thought that what I was reading was the name of Satoshi Nakamoto, the mysterious developer of Bitcoin. Whether this seeming similarity with the name of the Bitcoin…

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