Republic Bank on Wednesday has confirmed that some of its customers have been impacted by recent fraudulent activity on its Visa International Debit cards.
Following is the remainder of the Republic Bank statement.
Through its robust monitoring systems, the Bank was able to quickly identify cases where customers’ cards were compromised and was able to effectively minimise the risk to other customers.
The Bank is taking the necessary steps to regularise all affected accounts using a well-defined, standard process, focussed on reducing customer inconvenience. The Bank 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 Bank 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. The Bank also takes this opportunity to remind customers of the need to be vigilant when using their debit cards and monitoring their account activity.