Wednesday, September 28, 2022

BOSL Addresses Concerns Over Card Fraud

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The Bank Of Saint Lucia (BOSL) has responded to increasing concerns regarding fraudulent activity.

It says that card fraud is an ongoing issue for financial institutions globally.

The bank, in a video posted on its Facebook page, assured customers that there were no acts of impropriety on its part.

The video acknowledged that social media had been abuzz over a  recent post.

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The post cited fraudulent activity on select customer accounts.

“We have realised, and especially over the last year and has been confirmed by our processor in in the Caribbean as well as VISA, is that there has been a spike in card fraud,” BOSL Deputy Managing Director, Lyndon Arnold said.

“It is something that will continue to be with us with the continued use of credit and debit cards,” Arnold explained.

He said BOSL has measures in place to curtail the possibility of card fraud.

But the bank official asserted that the customer plays a critical role in making it more difficult for fraud to take place.

According to Arnold, BOSL can monitor and shut down fraud attempts.

But he stated that customers can be proactive in responding to such attempts.

Arnold revealed that there’s a card portal to which all of BOSL’s customers have access to register their debit card.

He said customers can access the portal to change their PIN.

Arnold said customers can also change their PIN at the ATM.

“The other critical function of the portal is that it allows the customer to set alerts,” he stated.

In addition, the BOSL official said customers can either ‘freeze’ or ‘unfreeze’ their cards.

The bank also has a dispute resolution form which customers can download on its website.

BOSL has called on customers to be vigilant and alert and make use of its various online services.






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Editorial Staff
Editorial Staff
Our Editorial Staff at St. Lucia Times is a team publishing news and other articles to over 200,000 regular monthly readers in Saint Lucia and in over 150 other countries worldwide.


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