Watch Your Bank Accounts - Thieves Are Aplenty

I received a report from a consumer about her Scotia Debit card credentials being used fraudulently to purchase things totalling over JAD60,000. She declared that she is the only person who has access to the card, and she has never allowed anyone to use it. 

Many banks try to blame the customers when funds are removed or used from their accounts, rather than trying to assist customers. The customer who reported her funds missing to me was told that the bank does not check transactions over three months. This is utter rubbish.

The banks are not making a loss. The banks should budget for customer education and also tighten the security to make it more difficult for persons to use other people's debit or credit cards.  It should be mandatory that all banks send a text message or email message alert when funds have been withdrawn or used from an account.

I notice that only one financial institution is allowing customers to add contacts to the accounts. These contact persons could be reached by the bank when they are unable to reach the customers. This would minimize the number of dormant accounts. It seems to me that the banking sector and the government love those dormant accounts. Dormant accounts are funds sitting there to be taken by unscrupulous persons. The funds in a dormant account should eventually go to the customer's estate and not to the government. This is legalized robbery. There is a big story behind the dormant accounts, and it seems that the banks are not anxious to have the system changed. Many customers have been burnt in the past. The governor of the Bank of Jamaica is quiet on this matter.

Customer, in the meantime, please do the following:

• Keep your debit and credit cards in a secure place.
• Do not allow anyone else to use your cards.
• Do not write down your PIN on a piece of paper or store it on your phone or your computer.
• Do not allow anyone to handle your credit or debit card. You must place it in the machine yourself.
• Do not allow people to stand near you when you are at the cashier in the supermarket.
• Request that your financial institution allow you full control over your credit and debit cards. For example, you should be able to disable the ability to tap to pay for a bill. You should be able to set an expenditure limit.  You should be able to disable and set limits for Internet transactions.

I have already given information about securing your bank accounts, but not many people seemed to have taken up these suggestions. There are far more things to consider; if I added all these things, this blog would be too long. Check for more information on the Internet.

Please note that many people have lost funds via their debit and credit cards. Don't wait until you are caught flat-footed!

I encourage you to add your suggestions and experiences with the banks as comments. We will all benefit from your contribution. 

#Complaint #Scotiabank

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