Introduction
Recently, Barbados’ largest credit union suffered a devastating cyberattack that cost the institution $1.29 million. The fraud, identified as a BIN (Bank Identification Number) attack, exploited vulnerabilities in the credit union’s debit card system, allowing criminals to test and validate card combinations before executing unauthorized transactions.
What is a BIN Attack?
A BIN attack is a type of card fraud where hackers use automated tools to generate valid card numbers based on a bank’s publicly available BIN – the first six to eight digits of a card. They test thousands of combinations through small, often unnoticed transactions on vulnerable e-commerce sites. Once a valid card is found, its data is stored and used for ongoing fraud until the card is blocked, or credentials are changed.
Response to the Barbadian cyberattack
Barbadian financial leaders and regulators warned of rising cyber threats in the cooperative finance sector and flagged cyber risk as a top concern, especially for smaller credit unions with limited technical capacity. The 2024 Financial Stability Report urged stronger cyber preparedness, better incident reporting, and improved governance. While digital transformation offers growth, many institutions remain vulnerable. The Barbados credit union’s breach has fast-tracked sector-wide assessments and regulatory reforms to address these gaps.
Upsurge in Cybercrime in Trinidad and Tobago
This warning is especially relevant for Trinidad and Tobago, where a sharp rise in cybercrime mirrors trends in Barbados. According to TT-CSIRT, there were 205 confirmed cyberattacks from 2019 to 2023, 52 in 2023 alone. However, experts believe the actual number is much higher, as breach disclosure is not mandatory. High-profile incidents like the telecommunications data leak affecting over 800,000 accounts and a ransomware attack on the country’s national insurance system highlight growing vulnerabilities. With outdated systems and limited cybersecurity resources, local credit unions are increasingly soft targets for threats like phishing, card skimming, and credential theft.
A Wake-Up Call for T&T’s Credit Unions
This recent cyberattack in Barbados is a stark reminder of how vulnerable the cooperative finance sector has become. This rapid digital transformation is outpacing our ability to secure it, and BIN attacks like that one could just as easily happen here.
Cybersecurity is no longer a back-office function—it’s a boardroom priority.
Here’s what credit unions must do now:
1. Upgrade outdated systems
2. Implement Multi-Factor Authentication (MFA)
3. Employ talent with cybersecurity qualifications and expertise
4. Conduct regular cyber audits
5. Train staff and educate members
6. Establish a clear incident response plan
At Moore TT, we understand the unique challenges credit unions face. Our team offers tailored cybersecurity audits, risk assessments, compliance support, and training to help you stay ahead of today’s threats. Don’t wait for an attack to act. Secure your systems. Protect your members. Preserve trust. Message us at info@moorett.com to schedule a Cybersecurity Readiness Assessment today.
