MANILA (Philippine Daily Inquirer/Asia News Network): The country's banking sector was jolted by the revelation earlier this week by the Teachers' Dignity Coalition that more than 11 anguished public school teachers saw their accounts with Land Bank of the Philippines drained of between P26,000 and P121,000 (S$683 and S$3179) each, in yet another painful incident of cybercrime.
The group claimed that the teachers' Landbank accounts had been hacked, which means that the bank's online banking security systems had been breached. Landbank, however, denied any hacking incident and maintained that its systems were secure.