BiMPay users are being warned never to share their verification codes, tokens, passwords or other security credentials with anyone.
The caution has come from the Central Bank of Barbados following what it says is a reported social engineering fraud involving an online loan offer.
The bank stressed that there was no indication the BiMPay platform itself was compromised.
“The fraud occurred after the customer provided a third party with a mobile verification code, an email verification code and a BiMPay token in connection with a purported loan application. A transaction was subsequently made without the customer’s authorisation.
“BiMPay verification codes and tokens are security information. They should only be used by the customer for their own BiMPay registration and access and should never be given to another person,” the bank stated in a release yesterday.
It cautioned customers against requests received through social media, messaging platforms or other online channels.
“A legitimate lender or financial institution does not need a customer’s BiMPay verification codes, BiMPay token or password in order to provide a loan or make a payment to the customer.
“Customers should independently verify the identity and legitimacy of any person or organisation requesting financial or personal information, particularly where the approach originates through social media.”
The Central Bank advised that any person who has disclosed a BiMPay verification code, token, password or other security information to another person, to contact their financial institution immediately and take steps to secure or disable their BiMPay access. It added that anyone who believes they have been the victim of fraud should also report the matter to the Barbados Police Service.
“The Central Bank continues to work with participating financial institutions to protect users and strengthen awareness of social engineering and other forms of payment fraud.”
BiMPay was launched back in June, with Prime Minister Mia Amor Mottley calling it a critical component of Barbados’ transformational digital agenda. She added the platform will fundamentally change how Barbadians conduct business by enabling secure, instant payments around the clock.
(PR/BW)
