BSP Warns Of VISA Debit Card Scam

BSP Financial Group Limited has reported an increase in scam-related activities involving BSP’s Classic VISA Debit Card being used offshore by unknown third party individuals.

BSP has over 130,000 active VISA Debit Cards and has noted that some customers are sending their VISA Debit Cards to third party individuals in Dubai, United Arab Emirate, who then withdraw funds from the customers’ accounts as soon as funds are deposited. 

BSP Group CEO Robin Fleming said these deposits made into the customers’ accounts appear to be from scam activities, including pyramid schemes that are largely facilitated via Facebook. 

“We hereby inform customers of BSP 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, therefore is strongly discouraged,” Mr Fleming said.

BSP further advises that any cards being used in contravention of BSP terms and Conditions will be cancelled immediately.
BSP Classic Visa Debit cards are able to be used at ATMs globally with a maximum withdrawal limit of K500 equivalent per day with EFTPOS transactions limits set at K15,000 per day. 

Restrictions remain in place on all ATM withdrawals in mainland China and in the Philippines however, exemptions can be arranged on a case-by-case basis. Customers with the Classic VISA Debit Card are required to contact BSP if they are travelling overseas. 

BSP is urging customers whose Classic VISA Debit Cards are not in their possession or believe access to funds in their account may be at risk can contact the bank to report the matter.

Press Release