BRIDGETOWN, Barbados, Sept 15, CMC – The Central Bank of Barbados (CBB) Tuesday warned the public against sharing their BiMPay verification codes, tokens, passwords or other security credentials following a reported social engineering fraud involving an online loan offer.
“There is no indication that 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,” the CBB said in a statement, adding that “a transaction was subsequently made without the customer’s authorisation.”
BiMPAY, which was launched in June this year, is the country’s national instant payment system allowing consumers and businesses to send and receive money in real time and the CBB said that the 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 particularly cautions customers against requests received through social media, messaging platforms or other online channels.”
The Central Bank said that 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.
It said 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.
“Anyone who has disclosed a BiMPay verification code, token, password or other security information to another person should contact their financial institution immediately and take steps to secure or disable their BiMPay access.
“Anyone who believes they have been the victim of fraud should also report the matter to the Barbados Police Service,” the Central Bank said, adding that it continues to work with participating financial institutions to protect users and strengthen awareness of social engineering and other forms of payment fraud.
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