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Premier breaks silence on bank breaches!

-says legislation meant to protect account holders in draft; to come on stream in 2015
Premier and Minister of Finance Dr the Honourable D. Orlando Smith in breaking Government’s silence on the recent spate of security breaches at Scotiabank BVI and others said that there are plans to introduce legislation to protect account holders from crimes of this very nature. Photo: VINO/File
ROAD TOWN, Tortola, VI – Premier and Minister of Finance Dr the Honourable D. Orlando Smith in breaking Government’s silence on the recent spate of security breaches at Scotiabank BVI and others said that there are plans to introduce legislation to protect account holders from crimes of this very nature.

He was speaking today November 25, 2014 during a press conference in his office where he discussed a number of matters.

“Within the past few days the VISA debit cards issued by a couple of the banks in the BVI have been compromised. Our banking regulator the Financial Services Commission has moved swiftly to address this problem and of this date I can confirm that appropriate action has been taken to ensure that the requisite steps to safeguard the accounts…have been taken,” said the Premier.

He said that some customers in the VI have been affected but he said that as it appears the numbers seem to be quite low.

“I am also assured that the banks will take the actions necessary to ensure that the compromised accounts will be reinstated to their correct balances,” he said.

“Ladies and gentlemen the protection of the financial assets of the citizens of the society is of highest priority for this Government. Each and every person in the Territory who have accounts at the bank here must be assured that their deposits are secure,” he said.

He said that there is now draft legislation that seeks to protect accounts holders in the Virgin Islands which hopefully will come into force in 2015.

19 Responses to “Premier breaks silence on bank breaches!”

  • Yes (25/11/2014, 14:50) Like (14) Dislike (16) Reply
    A little too late doc your head remain in the sand
  • egg face (25/11/2014, 15:06) Like (15) Dislike (12) Reply
    i sick of this man
    • premier (25/11/2014, 15:48) Like (10) Dislike (9) Reply
      I'm sick of you too!
      • yellow (25/11/2014, 21:56) Like (2) Dislike (0) Reply
        The only tactic the NDP ever employ, namely, calling VIP names, but it will backfires because it only emboldens more the NDP.
  • Yeah Right (25/11/2014, 15:25) Like (18) Dislike (1) Reply
    this legislation will get lost in the cesspool of contamination known as the AGs Chambers alongside the gun legislation
  • vi (25/11/2014, 15:35) Like (27) Dislike (9) Reply
    what can smith really do but talk and make us believe he is on top of things...more perception management he useless in the matter people do not be fooled again
    • @ vi (25/11/2014, 21:40) Like (7) Dislike (0) Reply
      becareful now he will say the public is hostile ....
    • Rediculous (25/11/2014, 23:03) Like (1) Dislike (0) Reply
      Of all those regulations the FCS would make I swear they had lots of measures in place for issues like this. Something seem hidden by authority that the public needs to know.
  • Hmmmm (25/11/2014, 15:38) Like (16) Dislike (5) Reply
    Should Have been the his Bank account
  • safety (25/11/2014, 15:54) Like (10) Dislike (0) Reply
    If any of you bank account had been in those which was compromised you would not have been blogging frought.
  • @ safety (25/11/2014, 17:57) Like (5) Dislike (7) Reply
    ANY OF YOU? Typical NDP comment- the people is nuttin - you will see in 112 months Boss
    • Just Me (25/11/2014, 22:08) Like (3) Dislike (2) Reply
      Is this fury not mis-directed? I fail to grasp the fury of the working people directed toward the people in power who are trying to do something to address a problem.
  • vvvvvvvv (25/11/2014, 20:05) Like (4) Dislike (2) Reply
    Heard he said he is confident of victory ha ha that is what they said in 2007
  • Online Now (25/11/2014, 21:50) Like (4) Dislike (1) Reply
    another wste of time press conf....Did I miss anything?
  • Hmmm (25/11/2014, 23:12) Like (1) Dislike (0) Reply
    Im kinda sketchy about all this tightening on bank accounts when we have not shed any let on the perpetrators involved.... what more are we the people going to have to sacrifice for the sake of "security". I want to know HOW this happened in the first place.
  • wize up (26/11/2014, 07:33) Like (1) Dislike (0) Reply
    these banks in bvi just killing us while none of our leaders have the balls to stand-up; look at rates they charging in the bvi.....
  • Suck Teeth (26/11/2014, 08:43) Like (0) Dislike (0) Reply
    Talkin about the protetion of the financial assests of the citizens is their main concern....to do what? so that they can themselves find a way to steal it from us too? please, this government is pure poppy show, always in the press always on the news spewing nothing but false hope and promises. talk talk talk, actions speak louder dear folks and there clearly is non! lets see what measures be taken in 2015 to do anything for us as citizens.
  • Crossover (26/11/2014, 10:29) Like (0) Dislike (0) Reply
    With online banking available,why are you folks sustaining these banks that are not insured and have no respect for you and your money?
    You have no complaints. Simply withdraw your US dollars and do business elsewhere.


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