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

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 theto the UBP account of Mark Nagoyo brought to the fore the issue of bank liability for online scams and the Filipino brand of humor.

Banks are what lawyers would call corporations impressed with public interest. They are held to a higher standard in their dealings with the public. The basic law on banking, RA 8791 which was enacted into law in 2000, provides the statutory basis for the degree of care and diligence that must be followed by banks. Section 2 of this law provides that the fiduciary nature of banking requires banks to observe a “high standard of integrity and performance.

This was reaffirmed in 2003 when the SC in The Consolidated Bank and Trust Corp v. CA, 410 SCRA 562 explained the “high standard of integrity and performance” to be observed by banks in this wise: The statutory degree of diligence to be observed by banks is the “high standard of integrity and diligence.” What it means exactly is not defined in the law. What is clear though is that this is higher than the diligence of a good father of a family.

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