Latest update February 6th, 2025 7:27 AM
Republic Bank gives more details on Visa Card attack
Republic Bank has released more details on the cyber attack on its Visa One customers.
The bank has started to reimburse customers who reported that they noticed money missing from the accounts and of unauthorized payments.
The bank committed to put systems into place for what it said is an attack.
Millions of dollars have been repaid to customers with the Bank of Guyana saying that once it has been established that customers are not at fault, then Republic Bank has to reimburse them.
In an advertisement yesterday in private newspapers, Republic Bank said that overtime, customers have come to depend on and trust the convenience of its international VISA One Card in meeting their online and other banking needs.
“Recently, however, there was what is described by VISA as Brute-Force attack which is a trial-and-error method used by fraudsters to obtain within seconds, payment card information such as an account number, card expiration date etc.”
The Trinidadian-owned bank explained that once that information is obtained, the fraudsters attempt numerous transactions at online merchants globally.
“While many of these attempts failed, some were also authorized resulting in those customers’ accounts being debited. As earlier advised, this unusual activity was detected by the bank’s monitoring systems, and in order to reduce the opportunity for fraudsters to continue the attack, the bank in collaboration with VISA implemented additional authorizing measures.”
According to Republic Bank, these temporary measures have resulted in some legitimate online transactions being blocked.
“Customers who experience difficulty in attempting online transactions using their VISA One Card are therefore asked to contact Customer Support using the following numbers: 1-800-271-4725 or 1-868-625-1200.”
The bank also said that efforts are being made to obtain a toll free number in the shortest possible time frame.
“Our investigations to date have revealed that some fraudulent transactions were processed and with the assistance of impacted customers, we continue to reimburse sums proven to have been fraudulently withdrawn. To this end, we encourage customers who suspect fraudulent transactions to their accounts to visit their nearest branch to confirm and validate their transactions.”
Republic Bank also urged its customers to remain vigilant in monitoring their account activity through their statements of account, or the bank’s telephone banking and online banking platforms.
“The bank sincerely apologises for this temporary inconvenience and seeks your continued understanding as we work towards a permanent solution with the safety and security of our valued customers being foremost in those considerations.”
Customers have complained that they noticed strange payments including for Netflix accounts and even shopping for items at the online sites.
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