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Jamaican Banks Boost Security Measures Amidst Rise in Cyber Threats
As the financial sector continues to evolve, commercial banks in Jamaica are taking proactive steps to safeguard their clients’ information and prevent cyber attacks. In this effort, several major banks have rolled out new procedures and tools to limit the risk posed by social engineering and other digital threats.
Enhanced Security Measures Across Major Banks
JN Bank Limited
JN Bank Limited is the latest institution to introduce enhanced security measures. Starting from November 4, personal customers will need to log in to their online banking platform, JN Live, and verify themselves using two-factor authentication (2FA) via the Google Authenticator app. This replaces the current method of selecting a security image and answering a security question.
National Commercial Bank Jamaica Limited (NCBJ) and First Global Bank Limited (FGB)
Other commercial banks have implemented similar measures:
- NCBJ introduced 2FA in June 2017 with a physical device or soft token via the Entrust Identity Guard app.
- FGB rolled out its own 2FA methods in March 2010, which were later enhanced by a soft token.
Combating Phishing and Smishing Scams
To combat phishing and smishing scams, NCBJ has temporarily suspended SMS transaction alerts. The bank has also reiterated its “no link” policy, warning customers not to provide personal or financial information via text messages, emails, or phone calls.
Head of Fraud Prevention at NCBJ
Head of Fraud Prevention at NCBJ, Dane Nicholson, emphasized the importance of staying vigilant in the face of growing cyber threats:
“We have seen an increase in cyber-attacks via phishing, smishing, vishing, BIN/Brute Force attacks, website spoofing and other social engineering scams since the COVID-19 pandemic.”
Other Security Measures
FGB’s CVVKEY App
FGB launched its CVVKEY app in July, providing temporary CVV numbers for online transactions. The bank also removed the requirement for card readers to access ATMs, instead opting for a simple button press.
Industry-Wide Efforts
The shift towards increased security measures has been driven by the financial sector’s heightened posture towards risk following recent events at Stocks and Securities Limited. Securities dealers have upgraded their systems to notify customers of any transaction or cash movement, and made changes to handling requests via email.
Bank of Jamaica’s 2022 Annual Report
According to the Bank of Jamaica’s 2022 annual report, the financial sector’s increased reliance on technology has heightened the risk of cybercrimes and fraud both locally and globally. The bank emphasized the need for institutions to adapt new regulations to maintain industry standards of best practice in safeguarding digital assets and customer information.
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