Bank foots bill for cash stolen from customers
Scotiabank, George Town
(CNS): One of Grand Cayman’s high street banks has had to cover the cost of cash stolen from some of its customer accounts. Scotiabank has confirmed that recent fraudulent activity affected some local customers, who have been reimbursed, but it is not clear if the RCIPS Financial Crimes Unit is investigating the security breaches on debit and credit cards. In a statement released to the press, officials from the bank said they take the safety and security of customer accounts and information very seriously and had followed the appropriate process involving the relevant authorities.
“Scotiabank has strict security procedures which we follow to ensure minimal impact to customers affected. If a transaction is identified as fraudulent the debit and/or credit cards are blocked, replaced and the customer refunded,” the bank explained. “Customers that may have been impacted by recent activity have been notified and funds reimbursed.”
Scotia said it is asking all of its customers to closely monitor their accounts and contact the bank immediately if they see any transactions that don’t belong to them.
A spokesperson for the RCIPS said that the police were aware of incidents that “may or may not be offences in this jurisdiction”, but said they have not received any formal complaints from account holders at Scotiabank about the incidents.
Category: Local News
Horrible bank to deal with.
The absolute worst!
Not to mention the most out dated!
Scotia has some off the worse technology of ALL banks on island. They need to invest more in that and perhaps this could have been avoided.
To 9:22 Well said. I could not agree more! Who wants to work with grossly outdated technology.
I.e. They still manually stamp and hand write bank drafts. This is just one of their many issues.
Outdated technology and outdated staff.
SB had been investigating my missing accont funds a few years ago and after 7 years the investigation ended with no money being replaced. No trace of funds.I am happy these other customers got their funds back.
Possibly the World’s slowest bank.
Yes!!!!!
Title should probably read: “Bank makes insurance policy claim to replace cash stolen from customers”
This is nothing new, maybe to Cayman, but to the rest of the world this is commonplace.
Insurance probably wouldn’t cover it, I would guess the deductible is in the range of $500k.
It’s true. Scotia repaid me thousands that had been scammed on my card – no argument, no questions asked.
I don’t bank with Scotia, but I doubt that CNB would give thousands to scammers since they don’t allow me….
Considering what these 17th century model banks we have here, has been doing to us over the years…can’t say I bad that this bank had to payout money for a change. I’m sure they will make it back, quickly.
I can’t say I feel an ounce of pity for Scotia. With the fees they break off in customers every month this is the least they could do.
It’s sort of an admission of guilt, that they’ve done something wrong, or let something slip, whilst I don’t bash banks generally, they typically have deep pockets and short arms.