Financial Crime World

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Financial Institutions Intensify Security Measures Amidst Rise in Cyber Threats

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In a bid to protect customers from increasing cyber threats, several commercial banks in Jamaica have implemented new measures to safeguard clients’ financial information.

JN Bank Limited Takes Additional Step

JN Bank Limited has taken the latest step by requiring personal customers to log into their online banking platform JN Live and verify themselves with two-factor authentication (2FA) using the Google Authenticator app. This change will take effect on November 4, replacing the current security image and question login process.

  • The 2FA requires customers to provide a one-time passcode or biometric evidence through an authentication mechanism before authorizing a login or transaction.
  • Customers are reminded to ensure that their mobile number on file is up-to-date.

Other Commercial Banks Implement Similar Measures

Other commercial banks, including National Commercial Bank Jamaica Limited (NCBJ) and First Global Bank Limited (FGB), have implemented similar 2FA measures in recent years.

  • NCBJ introduced 2FA with a ‘hard’ RSA token in June 2017.
  • FGB introduced methods in March 2010, which were later enhanced by the Entrust Identity Guard app.

Phishing and Smishing Scams on the Rise

Despite these measures, phishing and smishing scams have become increasingly common. NCBJ has temporarily suspended SMS transaction alerts and reinforced its ’no link’ policy, warning customers not to provide personal or financial information via text messages, e-mail, or telephone calls.

  • NCBJ’s Head of Fraud Prevention, Dane Nicholson, stated that the rise in cyber-attacks since the COVID-19 pandemic has necessitated a heightened posture towards risk.
  • “We have been able to thwart numerous attempts and avert what could otherwise be significant losses,” he said.

Enhanced Security Measures

FGB has also taken steps to enhance security, introducing the CVVKEY app on July 27, which provides temporary CVV numbers for online transactions. FirstCaribbean International Bank (Jamaica) Limited has introduced contactless recognition tools at some branch ATMs, allowing users to tap their card next to the device for access.

Increased Reliance on Technology Heightens Risk

The financial sector’s increased reliance on technology has heightened the risk of cybercrimes and fraud, prompting banks to adapt new regulations to maintain industry standards. As the Bank of Jamaica’s 2022 annual report noted:

  • “Going forward, the bank and local DTIs must be proactive in safeguarding the integrity of digital assets and customer information by adapting new regulations to maintain industry standards of best practice.”