Rashsed Esson
Staff Writer
To foster greater security, CIBC First Caribbean is making changes to credit and debit card Point of Sale terminal transactions to reduce the risk of fraud associated with “key-entered” transactions.
In a statement issued on March 19, the organization informs that after April 30th, 2024, vendors will no longer be able accept payments by manually entering card numbers. If they attempt to do so the transaction will be declined.
After March 30th, only Chip and Pin or contactless are approved.
The bank expressed that this is being done as it is their priority given the ongoing issue of fraud.
The BAI Mission, a financial services entity, reports that in 2023, fraud trends increase compared to previous years, as technologies evolve, as pointed out by a financial services leader.
It reports that according to recent NICE Actimize Fraud Insights, the first half of 2023 saw a 22 percent increase in fraud globally, as the move to cashless payments increase.
