The Tribune

By YOURI KEMP

Tribune Business Reporter

ykemp@tribunemedia.net

The Central Bank is urging Bahamians “to stay alert” due to an increase in credit card fraud incidents.

The banking regulator, in a written response to Tribune Business queries, said: “Anecdotally we have reason to believe that fraudulent attempts are increasing. However, financial institutions have been taking more aggressive steps to educate their customers and protect them against fraud.

“Members of the public need to say alert, monitor the transactions passing through their accounts, be very secretive about the security details attached to their accounts, and use the established direct channels to communicate with their financial services providers when they suspect that they are either targets or victims of fraud. Likewise, individuals should be swift to alert both the police and Financial Intelligence Unit whenever they sense suspicious activity.”

CIBC FirstCaribbean, responding via e-mail to Tribune Business questions on the Central Bank’s warning, said it has a “very robust fraud monitoring team which is constantly engaged in ensuring our credit card clients are able to conduct transactions safely and securely.

“Fraud attempts are a fact of life in our digital world,” it added. “However, our clients can rest assured that we are well-positioned to detect and manage such occurrences when they happen and minimise the impact on them. We remind our clients that they should make use of the facility in our mobile banking app that allows them to keep their cards frozen when not in use, as this gives them an added layer of protection against fraud.”

Royal Bank of Canada (RBC) Bahamas, in an e-mail statement, added that it is “committed to advising clients on how to maintain security in their banking activities. It must be emphasised that an RBC credit card should always be treated as cash, keeping it out of reach of unauthorised individuals,” the bank added. “Upon receiving a card, it should be promptly signed using an ordinary ballpoint pen in the designated ‘Authorised Signature’ space, found on the reverse side.

“RBC credit cards offer CHIP and PIN technology for added protection. Smaller value transactions can be completed securely by tapping your card where available, otherwise you may be required to enter your PIN when the card is inserted.”

RBC continued: “RBC strongly advises against lending your card to anyone, including close friends or family. We warn against responding to unsolicited calls or e-mails requesting confidential information. Your banking details are personal and must remain secure. This extends to ensuring the proper disposal of all banking correspondence, including transaction slips.

“We urge cardholders to exercise constant vigilance with their transactions, checking receipts against monthly statements, and swiftly reporting discrepancies. When using your card at Point-of-Sale terminals (POS), ensure the machine in use is genuine and always maintain the card in your presence.

“Share your information sparingly,” RBC warned. “This means not disclosing your credit card details over the phone unless you initiated the call. It’s highly recommended that shopping be done on Internet sites that offer secure ordering, which can be recognised by ‘https’ web addresses or associated security icons such as padlocks or keys in your browser window. Be wary of merchant sites that require you to store your credit card credentials and only store on reputable sites.

“If you anticipate any changes in your personal information, please notify the card centre ahead of time. Swift reporting of lost or stolen cards is essential. Lastly, we advise avoiding public wi-fi networks when carrying out online shopping, bill payments or sharing any financial information. Always prioritise secure networks with requisite login procedures to ensure safety.”