Republic Bank confirms customers affected in Visa debit card fraud

May 16, 2019 News

Trinidad-owned Republic Bank (Guyana) Limited yesterday admitted that several customers who had Visa International Debit Cards have been

Several customers with Visa debit cards issued by Republic Bank have been affected because of cyber attacks, the bank admitted yesterday.

affected by fraudsters.
The admission would come after several complaints in recent days.
In a number of cases, persons visiting the ATMs said they found money missing from their accounts. In other cases, customers took to social media to vent frustration at being stonewalled by the bank when they complained.
A number of customers said their Visa accounts were used to pay Netflix and even to make online purchases, including clothing.
According to Republic Bank yesterday, “some of its customers have been impacted by recent fraudulent activity on its Visa International Debit Cards”.
It is not often in Guyana that a bank has admitted publicly that it had suffered a fraud attack. From all indications, this one seems to have the hallmarks of a cyber attack, a banking official explained yesterday.
According to Republic Bank, through its robust monitoring systems, it was able to quickly identify cases where customers’ cards were compromised, and to effectively minimise the risk to other customers.
“The Bank is taking the necessary steps to regularise all affected accounts using a well-defined, standard process, focused on reducing customer inconvenience. The Bank regrets the inconvenience to its customers and advises that impacted customers will be asked to confirm and validate their transactions to assist with this process.”
Republic Bank said it is advising that in the interim, additional security measures have been put in place to reduce further impact, and as a result, some customers may experience interruptions in service levels.
“The Bank will continue to ensure that the most up-to-date security is available through all of its channels toward the financial safety of the banking public. The Bank also takes this opportunity to remind customers of the need to be vigilant when using their debit cards and monitoring their account activity.”
Central Bank officials yesterday said that the issue had come to their attention, and that from initial indications, a merchant of Visa appeared to have been compromised. As a result, cyber attackers targeted customers who have Visa Debit Cards, including a number of them from Guyana.
One Diamond, East Bank Demerara resident disclosed that over the weekend that she went to the Diamond branch and found that she had only $2,000 remaining in her account. She was unable to, of course, withdraw any money.
She visited Republic Bank on Monday where she was told she had withdrawn the money.
“About $25,000 was withdrawn, and I had no idea how that happened. I have my receipt from the last time I used the card. I showed it to the bank people and they said they will investigate. They did not say when I would hear from them.”
Reporters and others, and even a former bank staffer, took to Facebook to complain of losing money from their accounts.
According to banking officials, customers are not supposed to be penalised if it is found that their cards have been used without their knowledge.
In fact, the norm is that customers must have access to their money as soon as possible.
In cases where something goes wrong, the bank should place a hold on the card in question, and issue the customer another, pending the investigations.