Republic Bank confirmed that some of its customers have been impacted by recent fraudulent activity on its Visa International Debit Cards.
In a statement this afternoon, the bank said through its robust monitoring systems, it was able to quickly identify cases where customers’ cards were compromised and was able to effectively minimise the risk to other customers.
The Bank said it is taking the necessary steps to regularise all affected accounts “using a well-defined, standard process, focussed on reducing customer inconvenience”.
Republic Bank said it regrets the inconvenience to its customers and advises that impacted customers will be asked to confirm and validate their transactions to assist with this process.
“Republic Bank has advised that in the interim, additional security measures have been put in place to reduce further impact, and as a result, some customers may experience interruptions in service levels”, the statement said.
The Bank added that it will continue to ensure that the most up-to-date security is available through all of its channels toward the financial safety of the banking public.
Republic Bank is also reminding customers of the need to be vigilant when using their debit cards and monitoring their account activity.
Several customers have filed complaints to the bank after noticing deductions from their accounts to cover online payments for purchases that they did not make. The bank has launched a probe along with the Visa company.