Businesses Advised to Take Precautions Against Credit Card Fraud

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The Clearing Banks Association of The Bahamas (CBA) wishes to remind credit and debit card holders of the importance of safety and privacy in managing their bank accounts. While CBA members have not seen an increase in credit card fraud, we acknowledge it as an ongoing challenge.

Our banks have zero tolerance for fraud. When there is even the slightest indication of a threat to our customers’ accounts we respond immediately and take appropriate action. We each have our own fraud detection processes and other security features in place to monitor transactions and highlight questionable or unusual account activities.

We advise all customers that one of the most important things they can do to protect themselves is to review their account balances and activity on a regular basis using internet banking, monthly account statements, branch visits and any other facilities provided by their bank in this regard. Report any irregularities immediately.

It is also recommended that traveling customers advise their bank of travel plans. This is to avoid the inconvenience of possible fraud prevention blocks on their cards by Visa or MasterCard monitoring teams when suspicious or unusual overseas transactions are detected. Additionally, the CBA acknowledges that we have seen a trend toward debit card fraud and ABM skimming.

To prevent debit card fraud, customers should never disclose their PIN to another person and always shield the keypad when typing their PIN. If customers receive unsolicited emails and phone calls asking for personal information and are not sure of the source, they should be wary and verify the authenticity of any request as it may be a scam intended to solicit confidential information relative to their personal accounts.

Customers should contact their bank immediately if they are concerned about fraud or suspect any fraud.

The CBA remains committed to working together for the protection and safety of our customers and the industry.