BdO backs  BSP, urges vigilance vs new ‘money mule’ scam

May 30, 2020
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BdO Unibank strongly supports the call of the Bangko Sentral to stay vigilant against scammers who have devised a new modus operandi of offering a huge amount of money to people who will lend their bank accounts.

According to BSP “money mules” are persons recruited to lend their personal bank or e-money accounts to receive cash deposits or online transfers from illegal sources posing as legitimate transactions such as OFW remittances, “charity or COVID-19 donations”, among others.

Mules can be prosecuted under Republic Act 9160 or the Anti-Money Laundering Act, with imprisonment of up to seven years and penalty of up to P3 million.

“Do not let other people use your bank account, debit card or credit card to make transactions on their behalf. Never provide your personal and account details to anyone,” BdO stressed.

The Bank advised clients and the general public to ignore suspicious calls, e-mails, private messages and website links offering easy cash in exchange for the use of their own bank account.

BdO reiterated that the most effective way of preventing scams targeting bank customers is never to share bank information to other people no matter how convincing they appear to be “real”.

“To all bank customers, your login details and One-Time PIN are yours and yours alone. Nobody should own them but you.  Once you logged in your username and password, you will receive an OTP from your bank as its final security measure. Do not share this OTP to anyone else, especially to the scammers through their fake websites, or those posing as bank employees,” the bank said.

E-mails which ask customers to click on links are scam attacks, even if it includes the spelled out bank website as a hyperlink.

“Here’s a useful tip, to check the veracity of the email, let your cursor linger on the weblink without clicking on it. A preview will reveal that it leads to a different site and not to the official website of your bank,” BdO added.

BDO has the country’s largest distribution network, with over 1,400 consolidated operating branches and more than 4,400 ATMs nationwide.  It also has 22 overseas remittance and representative offices (including full-service branches in Hong Kong and Singapore) in Asia, Europe, North America and the Middle East.

The unibank ranked as the largest bank in terms of total assets, loans, deposits and trust funds under management based on published statements of condition as of Dec. 31, 2019. For more information, please visit