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Jamaican Commercial Banks Gear Up for Tough Measures Against Internet Scams Amid Widespread Outrage Over $133 Million Losses

Amid growing public outrage over a significant increase in internet scams and millions of dollars in losses, Jamaican commercial banks are gearing up to implement tough and more robust measures to prevent fraud.

Background

According to data reported to the Bank of Jamaica (BOJ), local commercial banks lost $133 million in 2022 through internet banking fraud, a 21% annual increase and a near 300% spike over the last five years. The number of reported cases also soared to 742 in 2022, up from 72 in 2018 and 134 last year.

Expert Insights

Cybercriminals continue to find new ways to outsmart unsuspecting customers. The Major Organised Crime and Anti-Corruption Agency (MOCA) has confirmed that it is investigating several internet banking schemes, including one used to fleece millions of dollars from approximately 150 customers at multiple financial institutions.

Nicholson noted that 2023 saw a significant increase in “social engineering” schemes such as phishing, smishing, and romance scams globally. He predicted that the losses for local financial institutions could move closer to the combined $456 million lost via credit and debit card fraud schemes.

Banking Sector’s Response

Financial institutions are adjusting their internal controls to counter the evolving techniques of cybercriminals. Nicholson suggested that two-factor authentication for all transactions could become the standard across the commercial banking sector.

Customer vigilance is also crucial in stemming the problem, according to Nicholson. The Jamaica Bankers Association will be increasing customer education around internet scams, recognizing it as the “number one defence against social engineering scams”.

Personal Experience

George Rivera’s experience highlights the risks of falling victim to online fraud. After clicking on a link he believed was from his bank, National Commercial Bank (NCB), Rivera lost $293,000 from his savings account.

The issues remain unresolved, with no update from the police’s Fraud Squad. NCB has indicated publicly that it does not divulge information about its customers. Since 2018, commercial banks have lost a total of $405 million through 1073 reported cases of internet banking scams, according to BOJ data. However, MOCA believes the losses could exceed $1 billion.

Future Outlook

Nicholson asserted that several cases have been reported to the police and predicted arrests in relation to cybercrime matters in the new year. The Jamaica Bankers Association is expected to finalize its measures by March 2023 to combat internet scams and protect customers’ funds.