Recently, some banking customers experienced fraudulent activities perpetrated against their accounts. In an immediate response, the Bankers Association of T&T (BATT) informed the general public of the situation, adding that the affected people had been reimbursed and new bank cards issued.
BATT immediately contacted the law enforcement authority and the situation was brought under control in collaboration. Two people were apprehended and charges have since been laid against them. Crime Stoppers was also part of the process. Customers who were affected by the fraudulent activity received immediate attention from their respective banks and have been provided with their new cards. Other claims are currently being handled expeditiously by all institutions in accordance with the Electronic Transfer of Funds Crime Act.
In the Guardian editorial on July 12, it was suggested that BATT was not taking the necessary steps to inform affected customers and reach an early resolution on the matter. This suggestion is inaccurate and most disappointing as all banks in T&T did in fact initiate immediate action to rectify this unfortunate incident.
Additionally, skimming is a global issue and has affected customers everywhere in the world. While BATT, in collaboration with law enforcement, made every effort to contain the problem, it is not unique to T&T. BATT, as part of its approach, does not disclose data as to how many customers were affected or how much monies were involved as disclosure of this nature could jeopardise the inves- tigatory process and at times even the judicial process should the need arise.
The nature of the Linx network invariably means that one compromised card could potentially impact all of the banks that are subscribers to the system; therefore the identification of any one bank in this matter was irrelevant. Equally important, under the said Electronic Transfer of Funds Crime Act, financial institutions are obligated to reimburse customers' funds in instances of electronic fraud where collusion is not evident.
BATT has always sought the needs of our customers in the banking sector and has gone above and beyond its call to protect banking customers from fraud. We continue to monitor and have implemented preventative measures to ensure that such activity does not repeat itself.
Education is key and BATT, along with law enforcement authorities, will soon be undertaking an initiative to further sensi- tise the general public on ways in which they can protect themselves and their possessions. Customers are again encouraged to be extra vigilant when conducting transactions at ATMs or point-of-sale terminals at merchants.
Richard P Young
President, BATT
