Jamaican Commercial Banks Strengthen Cybersecurity Measures
As fraudsters continue to adapt and evolve their tactics, commercial banks in Jamaica are upping their game to prevent financial losses and protect customers from cyber threats.
Two-Factor Authentication for JN Bank Limited Customers
As of November 4, JN Bank Limited will require personal customers to log into its online banking platform, JN Live, using two-factor authentication (2FA) with Google Authenticator. This added security measure aims to limit the risk posed by social engineering and other cyber threats.
Measures Implemented by NCBJ
NCBJ, another major commercial bank in Jamaica, has taken steps to bolster customer protection. The institution temporarily suspended SMS transaction alerts in October after a surge in phishing and smishing attacks, which involve deceiving customers into revealing sensitive information.
Key Statistics
- Financial institutions have seen an increase in:
- Phishing
- Smishing
- Vishing
- BIN/Brute Force attacks
- Website spoofing
- Social engineering scams since the COVID-19 pandemic
Additional Measures Implemented by Commercial Banks
Other commercial banks in Jamaica have implemented various measures to combat cyber threats. For example:
- JMMB Bank Limited and First Global Bank Limited require customers to input one-time passcodes (OTPs) or use biometrics to verify their devices before completing certain transactions.
- First Global Bank Limited has introduced the CVVKEY app, which provides temporary CVV numbers for online transactions, replacing static numbers on the back of cards.
Enhanced Customer Experience and Security
Other commercial banks have adopted similar measures, such as:
- Requiring customers to input OTPs received via email or use biometrics with their mobile devices to verify devices that haven’t been saved as “trusted.”
- Certain transactions above a specific amount also require security questions, pins, and OTP codes to limit potential losses for customers.
Contactless Recognition Tools
FirstCaribbean International Bank (Jamaica) Limited has introduced contactless recognition tools at some branch ATMs, allowing users to “tap” their cards next to the device for the door to open.
Increased Use of Technology
According to the Bank of Jamaica’s 2022 annual report, the financial sector increased its use of technology in 2022. However, this expanded use has also heightened the risk of cybercrimes and fraud. As such, the bank and local DTIs must be proactive in safeguarding digital assets and customer information by adapting new regulations to maintain industry standards of best practice.
Conclusion
With these measures in place, commercial banks in Jamaica are poised to continue providing secure and convenient services for their customers while staying ahead of evolving threats.