Republic Bank (Guyana) Limited (RBL) is urging customers to vigilantly monitor their accounts even as it works to find a permanent solution to the recent spate of “Brute-Force” attacks which resulted in fraudulent transactions through its international VISA OneCard.
In a statement issued yesterday, the bank explained that the attack is a trial-and-error method used by fraudsters to obtain, within seconds, payment card information, such as an account number and card expiration date.
“Once that information is obtained, the fraudsters attempt numerous transactions at online merchants globally,” the statement said, before adding that “while many of these attempts failed, some were also authorised resulting in customers’ accounts being debited.”
The bank further explained that in order to reduce the opportunity for fraudsters to continue the attack, RBL in collaboration with VISA implemented additional authorising measures that have resulted in some legitimate online transactions being blocked.
Customers who are having difficulty in attempting online transactions using their VISA OneCard were advised to contact Customer Support at 1-800-271-4725 or 1-868-625-1200.
The numbers are not toll free, therefore customers will be required to pay the costs associated with this measure. The company did indicate if there will be any reimbursement, stating only that “efforts are being made to obtain a toll free number in the shortest possible time frame.”
There is no indication from the bank as to the time period during which this fraudulent activity occurred nor the date of its discovery by the bank’s monitoring systems. It has been over a month since the company first acknowledged the breach and some customers have reported fraudulent transactions on their accounts dating as far back as October of 2018.
Customers have complained that RBL has baulked at refunding sums which were used outside of the three-month period preceding a report but according to Bank of Guyana Governor Dr. Gobind Ganga, the Bank does not have the ability to make such a distinction.
He told Stabroek News on Monday that that once it is established that a transaction was fraudulent, customers will be reimbursed.
Ganga has since met with RBL and is expected to receive a full report on the issue within the new week.
RBL, meanwhile, did not specifically address concerns about a timeline for payment in its statement but it has noted that with the assistance of impacted customers, it continues to reimburse sums proven to have been fraudulently withdrawn. The bank encouraged customers who suspect fraudulent transactions to their accounts to visit their nearest branch to confirm and validate their transactions.
“Customers are also encouraged to remain vigilant in monitoring their account activity through their statement of account or the Bank’s Telephone Banking and online banking platforms,” the statement said.
Customers have complained to Stabroek News that even after they make contact with Trinidad via the numbers provided, they remain unable to complete transactions.
One customer, Abdul Gafoor, a local small-scale manufacturer, shared with this newspaper correspondence he received from online payment platform PayPal, indicating that “your card issuer keeps declining some of your transactions.”
Gafoor told Stabroek News on June 16th that after $4,000 worth of calls to Trinidad, he had depleted his account and had made only one successful purchase to the tune of $12,000.
“I emptied the account except for about $60,000 to make purchases and now that’s gone too. The money was depleting but the purchases are not going through. I’m on the phone with the man [at the Bank] and he’s saying to me the purchases are simply not registering, even the $12,000 which I saw as approved he said didn’t go through,” he noted.
He returned two days later with correspondence from PayPal showing that his attempts to purchase a quantity of 30 ml glass bottles to package his products had failed.
“Our job is to process your payment using the payment method you have selected. When we help you do that the bank will respond to us. If they do not allow the charge…we will not be able to complete the payment. To find out more about it contact your bank and speak with their authorization department,” PayPal advised in correspondence dated July 18, 2019.
On returning to RBL, Gafoor was told that the payments were made. He is now at a loss as to what to do.
