Following reports of data security breaches of some commercial bank and credit union customers, The Barbados Bankers Association (TBBA) is giving the assurance that financial institutions have moved swiftly to take action.
In a statement on Thursday, the association said the data violation indirectly affected “a very small percentage” of commercial bank customers and that the breaches did not result from unauthorised access to customers’ personal information held by the commercial banks in question.
“Rather, it appears to be related to a small number of online retailers whose websites are used by customers for online shopping,” it said.
In any event, TBBA said “whether a breach is as a result of unauthorised access to a local bank’s systems or occurs when their clients are engaged with a third party, our members are committed to working with their customers to address impacts”.
“Our members will always act in accordance with best practice and the law in alerting relevant parties. They will also act in good faith, communicating relevant information to the public, their partners and other members of the association,” it added.
The association did not reveal the financial impact of the breaches. However, it gave the assurance that it continued to work with members and partners “to ensure data safety and mitigate the novel methods by which hackers seek to gain access to cardholders’ data”.
“The Barbados Bankers Association wishes to assure Barbadians that the sector takes the security of personal data very seriously and incorporates best-practice processes and systems to this end. Financial institutions have moved swiftly to contact the affected customers to take the necessary action, potentially including replacement of customers’ cards,” it said.
It further encouraged customers to do their part in safeguarding their personal data by taking the necessary precautions to protect the security of their cardholder information.
“Whenever possible, refrain from saving credit card information on websites when purchasing items online, make online purchases only from secure websites which carry the lock symbol and ‘https’ prefix in the URL, use familiar websites, cardholders are encouraged to use sites that require the unique three-digit card verification value code (CVV) that is usually found at the back of cards
“Monitor your account and report any unrecognized transactions to your financial institution immediately, avoid making purchases over public WiFi networks, be wary of email phishing and smishing scams and associated dubious links, use complex passwords (a combination of letters, numbers and symbols) and ensure your mobile device or laptop is using the latest software including Antivirus applications,” the association advised.
“Additionally, some of our member banks also have alerts/notifications set up for when their customers’ credit and debit cards are used. As such, we encourage customers to liaise with their respective banks so that they can activate these notifications,” it added.
(PR/MM)
