The Bank of Guyana cautions consumers on the use of digital prepaid VISA cards, stating they are not regulated like traditional cards from local banks. Customers bear the risks and are advised to verify the legality of service providers and understand associated fees and risks.
The Bank of Guyana (BoG) has issued a caution regarding the use of digital prepaid VISA cards advertised by various entrepreneurs, highlighting that these cards fall outside the jurisdiction of BoG’s oversight, unlike conventional VISA debit and credit cards provided by local commercial banks.
The BoG emphasizes that customers utilizing these prepaid cards bear the full risk associated with their usage. In their advisory, customers are urged to take specific precautions: (1) confirm that the card operators are legally registered businesses in Guyana, (2) comprehend the risks involved and know their options for recourse, and (3) be fully informed of all fees related to acquiring and using these cards.
Additionally, the BoG advises individuals to prioritize their financial security by exercising caution during financial transactions. The advisory also warns resellers of these cards that they may be exploited for money laundering, urging them to implement necessary protections.
In summary, the Bank of Guyana warns consumers about the risks associated with digital prepaid VISA cards not regulated by the bank. Users are encouraged to verify the legitimacy of the providers and be aware of potential risks and fees. The BoG strongly advises caution to ensure financial safety and mitigate the risk of misuse by malicious actors.
Original Source: www.stabroeknews.com
