JAMAICA FRAUD ALERT: Banks Warn of Rise in BIN Attacks as Hackers Target Cardholders
What is a BIN Attack?
A BIN attack is a type of cybercrime where hackers use software programs to try thousands of combinations of credit and debit card information, including card numbers, expiration dates, and CVV codes. Once a valid combination is found, the program can attempt other similar variations and use those to make transactions online.
Jamaican Banks Warn of Growing Threat
Major financial institutions in Jamaica, including JMMB Bank and First Global Bank, have reported a rise in BIN attacks on their cardholders. According to JMMB’s alert, hackers use software programs to try thousands of combinations of card information in a matter of seconds. While most attempts are unsuccessful, experts warn that all brands of cards are susceptible to these attacks.
Experts Urge Vigilance
Dane Nicholson, spokesman on fraud for the Jamaica Bankers Association, notes that companies using card services that permit internet transactions may have seen an uptick in complaints. JMMB has urged its customers to minimize cash in their card-linked accounts and be alert to changes in their bank data.
First Global Bank Reports Attempted Fraudulent Transactions
First Global Bank reported blocking a series of attempted fraudulent transactions last month, with several customers receiving account alerts. The bank’s president and CEO, Radcliffe Daley, urged customers to be vigilant and report any suspicious activity on their accounts.
Global Impact of BIN Attacks
BIN attacks are not unique to Jamaica, with the global credit card industry estimating losses of US$8.75 billion in 2020 and projected losses of US$9.5 billion this year. The Jamaica Bankers Association is urging banks and merchants to add more layers of security, including automation of BIN monitoring and proper BIN management techniques.
Central Bank Reports Decline in Bank Fraud
Despite the growing threat of BIN attacks, the central bank has reported a decline in bank fraud overall, with Jamaican banks losing $715 million to fraud in 2022, down from a high of $1.3 billion in 2019. However, internet-based fraud is on the rise.
Experts Call for Increased Vigilance and Better Security Measures
In response to the growing threat, experts are calling for increased vigilance and better security measures to protect cardholders’ information. By being aware of the risks and taking steps to secure their accounts, individuals can help prevent falling victim to BIN attacks and other types of fraud.
Action Steps
- Minimize cash in your card-linked accounts
- Be alert to changes in your bank data
- Report any suspicious activity on your accounts
- Monitor your account statements regularly
- Consider implementing additional security measures, such as two-factor authentication or credit monitoring services.