FOR IMMEDIATE RELEASE

10th April 2008

BOSL Conducts Merchant Operating & Risk Management Seminar

“US Visa cardholders annually transact over one trillion dollars of sales. One of every three consumer purchases in the United States is made with a payment card including debit, credit or other prepaid products”. “Therefore to facilitate our customers’ ever changing needs we must ensure that merchants are equipped with Point of Sale devices.” This convenience though comes at a price”. So said Miss Joanna Charles- Assistant General Manager Bank of Saint Lucia Limited, who was at the time addressing a ‘Merchant Operating & Risk Management’ Seminar conducted by the Card Services Department of Bank of Saint Lucia Limited.

The seminar conducted in conjunction with the Caribbean Credit Card Corporation was intended to educate merchants on how to avoid falling victim to card fraud. Facilitators from the Caribbean Credit Card Corporation and Bank of Saint Lucia Limited instructed merchants in a number of areas including card acceptance procedures, maintenance of machines, and limiting exposure to fraudulent transactions. 

The dramatic increase in identity theft and credit card fraud especially in the Caribbean has become an increasing cause of concern. The Caribbean basin is rapidly becoming the area of choice of many credit card thieves. This has led to many local merchants falling victim to these unscrupulous individuals. It is with this in mind that the Bank of Saint Lucia Limited convened this seminar free of charge to all its merchant customers.
 
Fraud Analyst attached to the Caribbean Credit Card Corporation Miss Janier Frank implored the merchants to follow the guidelines set out by the corporation when accepting credit and debit card transactions.  As the losses they might incur could be immeasurable.
 
Over seventy individuals took part in the seminar representing businesses island wide. Bank of Saint Lucia Limited feels that the protection of merchants is a critical aspect of its customer service that cannot be overlooked. This service is very important in that it prevents our local entrepreneurs from suffering potentially devastating losses.
 
In his closing remarks to the merchants Mr. Nigel George- Senior Manager, Bank of Saint Lucia Limited Bridge Street Branch affirmed “We value your business and our partnership”.  “We therefore pledge to continue giving you all the necessary support you require”. He added “We hope you take all the information shared here today and implement the strategies learnt to expand and grow your business”.

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