RBC reviewing feature that led to ATM fraud

RBC has temporarily removed a digital feature from its system which allowed the fraudulent withdrawal of money from its automated teller machines (ATMs) under the guise of a cheque deposit last month.

RBC TT managing director Darryl White said the bank was refining it with a view to reintroducing the service.

The feature gave customers an option to make withdrawla immediately on cheques deposited. Four people who allegedly deposited empty envelopes and withdrew $3,000 each time, were charged.

In an interview after the opening of the bank’s Marabella digital branch on Tuesday evening, White said, “It is temporarily removed. It will be reintroduced in due course in a refined manner.”

He cautioned anyone who may try to defraud the bank that they will not get away.

Within 48 hours of the crime being committed, he warned, offenders will be charged, as they will have left behind a digital footprint.

“You know we keep records. Digital banking is actually much more secure in that you have physical records of everything that happened.

“You have a digital footprint, so everything from camera, account records, use of certain instruments, cards or computers, leaves a digital footprint.

“Anyone who does that, we will know, and we will deal with that appropriately.”

White reiterated that the fraud was not committed because of a glitch in the system.

“What we do is, we design services to meet our clients’ needs. We designed that based on trust. Unfortunately, there are less trustworthy among us, so we have to always rethink those strategies and figure how to reach the clients who will deal with us on the proper terms.”

In his address at the opening ceremony, White said, “We want our branches to be a location of trust and confidence, where we establish relationships with new clients and expand relationships with existing clients – teaching them about RBC’s digital and product offerings, providing advice, resolving issues in real time and facilitating meetings between clients and our sales professionals.”