Having customers complain about money in their bank accounts gone missing is a PR nightmare for any financial institution. News like this immediately creates a lot of speculation, which only makes the situation worse. For the Bank of the Philippine Islands, this nightmare scenario became very real two days ago. With multiple customers missing funds in their accounts, it quickly became evident an investigation had to be conducted to rectify this situation as quickly as possible.
Things only got worse when the bank was forced to suspend ATM withdrawals and online transactions a few hours later. Some people started spreading rumors about the bank being hacked, although it does not appear that was ever the case. However, not allowing customers to withdraw their own money from bank ATMs or complete online transactions only fuels these rumors even further, rather than address the problem at hand.
Read more here: https://themerkle.com/bank-of-the-philippine-islands-suspends-atm-withdrawals-after-it-glitch/