British Virgin Islands

Wednesday, Jun 16, 2021

Republic Bank beefs up security following recent account breaches

Republic Bank beefs up security following recent account breaches

The Republic Bank has ramped up its security measures to further protect its clients following recent reports of fraudulent activity on several debit accounts.

The bank’s Managing Director, Marion Blyden told BVI News she is aware of the recent reports, which the bank has already begun investigating.

She said: “Through its robust monitoring systems, the bank was able to quickly identify cases where a few customers’ accounts were compromised and effectively minimized the risk.”

As a result of the breaches, Blyden said the bank has taken a further step to minimise any further impacts to its customers.

“Wherever a customer has been a victim of fraud, the bank executes a well-defined, standard process, focused on having the issue resolved as soon as possible. The fraud issue itself is immediately investigated and where the alleged perpetrators have been found liable, the Bank acts on it,” she said.

“The bank has put additional security measures in place to reduce further impact, is taking the necessary steps to notify all impacted customers and regularise affected accounts,” Blyden added.

Affected customers contacted

The managing director further said all persons impacted by the fraudulent activity have been contacted and given options that clients should utilise to help minimise any such activities from occurring in the future.

She said: “Yes, affected customers have been contacted, and customers who have contacted the bank are being indemnified. Additionally, we have used our Facebook page to remind customers to be vigilant and sign up for the card alerts feature, which is a tool that may be used to immediately detect fraudulent transactions.”

Blyden, therefore, recommends that clients subscribe to the bank’s alert service, which will allow customers to be notified of any transaction done on their accounts.

She further recommended customers to continue to be vigilant and monitor their accounts and report any suspicious or unauthorised activity to or by calling 284-494-3130, or 284-494-2526.


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