COB assures customers’ money safe despite breach

Members of the City of Bridgetown Cooperative Credit Union Ltd (COB) are being assured that their funds are safe following a “breach” that resulted in the credit union’s systems going offline for more than a week.

In an official video message posted on the credit union’s social media pages on Thursday, Chief Executive Officer Glendon Belle also informed customers that COB has implemented enhanced cyber security measures throughout the entire organisation and started the process of retaining the services of a cyber expert.

That expert “will work with our IT team to provide a roadmap to safely and securely bring all of our systems back online”, he said.

“I wish to assure you that the intrusion did not compromise members’ funds. In addition, our members have been able to verify their balances as they interacted with our teams at all our four branches,” said Belle.

The CEO said the threat was caught on Tuesday, February 14 when it occurred and was immediately counteracted.

Explaining what happened, he said: “Last Tuesday, COB was impacted by a system breach which affected our entire network. Through the deployment of our business continuity plan on the following day, our members were able to have full access to their funds and check their balances through in-branch teller transactions.

“The threat identified was counteracted by creating a sterile environment in which we have safely restored our core banking platform and systematically started the restoration of our digital banking services. In addition, we have neutralised the ability of any bad actors to influence our network by isolating any systems that may be compromised and which are now quarantined.”

COB’s four branches reopened Wednesday last week, following the one-day closure but debit cards issued by the credit union are still not working.

Earlier this week, Barbados TODAY reported that some customers were upset that they were unable to access their funds via automated teller machines (ATMs) or carry out point-of-sale transactions since last Tuesday.

Customers have also complained about being unable to get through via the telephone lines which have also been taken offline, and that payrolls processed by the credit union were being delayed.

Apologising for the disruption of service and inconvenience caused over the past week, Belle assured in his approximately three-minute video message that the credit union was committed to ensuring that full service was restored “as soon as possible”.

“As we continue to provide daily updates to our regulators – the Financial Services Commission and the Central Bank of Barbados – on our path to recovery, we wish to assure you that enhanced security measures have already been implemented,” he said, noting that the kind of attack experienced was not unique to COB, especially in light of increased financial technology solutions.

“We can assure you [that] we do empathise with the sense of concern and uncertainty this event may have caused and are committed to providing you with the best possible security solutions.”

Pointing out that restoration was being done “in a measured and systematic way”, Belle said a security audit would be carried out to identify how, when and where the breach occurred, as well as its source.

“Our payroll team continues to update salaries as they receive them and we thank you profusely for your patience with us. We know that many of you have been trying to contact us and we ask that you utilise the mobile numbers provided until our entire network is restored to full functionality,” he told members.

“We appreciate that this current situation is not ideal and that convenient service is invaluable to you,” Belle added.

With work still ongoing to restore the ATM and point-of-sale network, officials have taken the decision to extend the credit union’s opening hours. 

All branches are now open from 8 a.m. to 5 p.m. Mondays to Fridays and from 9 a.m. to 3 p.m. on Saturdays, until further notice. (MM)