Rise in Visa card scams

BSP Financial Group Ltd (BSP) has reported an increase in scam-related activities involving its Classic Visa Debit Card being used offshore by unknown third parties.
According to BSP, it has more than 130,000 active Visa Debit Cards and noted that some customers were sending their Visa Debit Cards to third party individuals in Dubai, United Arab Emirate, who then withdrew funds from the customers’ accounts as soon as funds were deposited.
BSP group chief executive officer Robin Fleming said these deposits made into the customers’ accounts appear to be from scam activities, including pyramid schemes that were largely facilitated via Facebook.
“We hereby inform BSP customers that they must refrain from allowing third party access to their Visa Debit Cards. Allowing third party access to Visa Debit Cards or Kundu Cards is not only a breach of BSP’s terms and conditions, but it exposes the customer to the risk of losing their financial assets and potential penalties and at risk of criminal prosecution,” Fleming said.
BSP advised that any cards used in contravention of BSP terms and conditions would be cancelled immediately.
BSP Classic Visa Debit cards can be used at automated teller machines globally with a maximum withdrawal limit of K500 equivalent per day with electronic funds transfer at point of sale transactions limits set at K15,000 per day.
Restrictions remain in place on all ATM withdrawals in mainland China and in the Philippines.