You are here
Bankers: No credit card fraud against customers
The Banking Association of T&T (BATT) has said none of its member banks have reported any cases of attempted fraud against any of their customers. The association’s remarks come after banks throughout the region had to reissue thousands of credit cards because of a security infraction on February 14. Hackers obtained customers’ MasterCard and Visa card data from an unnamed international card-processing facility in Barbados.
In a statement yesterday, BATT said: “To date, we have not detected any fraud attempts as a result of this incident. While the number of cards may vary, such incidents are not uncommon globally or regionally and there are set procedures which are used to manage such incidents. These have been implemented at all member banks.”
The association also said its member banks take “customer confidentiality and security very seriously and assure that all customers’ interests remain top priority in this matter. “Like most banks that issue Visa and MasterCard credit and debit cards in the region, there is potential for exposure due to this reported breach.” Anya Schnoor, Scotiabank T&T Ltd’s country head, said approximately 1,000 of its cardholders may have been affected and the bank is closely monitoring the situation.
“We have put in place all the necessary monitoring programmes that we need to. We are monitoring the transactions to see whether there are any fraudulent transactions, because this something standard that we do and we are monitoring that situation very carefully,” she said. Schnoor commented during Scotiabank’s annual general meeting at the Hyatt Regency in Port-of-Spain.
Jessel Gadsby, general manager of Caribbean Credit Card Corporation, the leading financial card services provider in the Organisation of Eastern Caribbean States (OECS), said the effects of the breach rippled throughout the region. “I believe it is nearly all of the banks in the Caribbean, certainly all of the banks in the Eastern Caribbean have been impacted by it,” he said.
The Antigua Observer reported him as saying on learning of the hacking, banks throughout the region were urged to reissue cards, and this “very quick” response might have staved off further damage. “What is incredible is despite the scale of the compromise, no fraud loss has actually occurred or been reported as yet,” he said.
The Caribbean Association of Banks (CAB) issued a security alert earlier this week to banks and other financial institutions across the region. CAB advised cardholders that “out of an abundance of caution” banks and credit unions might be contacting customers to have their cards replaced.
User comments posted on this website are the sole views and opinions of the comment writer and are not representative of Guardian Media Limited or its staff. Guardian Media Limited accepts no liability and will not be held accountable for user comments.
Please help us keep out site clean from inappropriate comments by using the flag option.
Guardian Media Limited reserves the right to remove, to edit or to censor any comments. Any content which is considered unsuitable, unlawful or offensive, includes personal details, advertises or promotes products, services or websites or repeats previous comments will be removed.