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COL Financial reports possible system security breach

MANILA, Philippines — Online investing platform COL Financial Group Incorporated (COL Financial)  announced a possible breach into their system that could enable suspected hackers to access client infromation.

“Please be informed that the Company detected a possible breach involving some client information,” COL Financial said in a disclosure to the Philippine Stock Exchange on Friday, October 20.

The firm stressed however that “this possible breach has not affected the account balances and stock positions of its clients, nor have transactions been compromised."

In a letter sent to clients on the same day, the firm said that the breach has not been confirmed and assured clients of the integrity of their account balances and stock positions.

“In addition we have internal control procedures that prevent unauthorized withdrawals from [client’s] accounts,” the firm noted.

COL Financial also pointed out it “has taken action to further strengthen the security of its systems and have filed the necessary reports to the National Privacy Commission.”

The trading platform also reminded clients to regularly change their password as standard practice and directed them to helpdesk@colfinancial.com should they have further questions.

The firm’s President and CEO, Conrado Bate, assured investors “that they would be able to trade normally on Monday," in an interview with the Philippine Daily Inquirer on Friday afternoon.

Col Financial, formerly CitisecOnline.com, is the country’s largest online trading platform with over 200,000 users and P62 billion in assets being managed. –Rappler.com