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Banking Industry Compliance Updates in Jamaica Aimed at Thwarting Internet Scams

As internet scams continue to plague Jamaican commercial banks, causing millions of dollars in losses and widespread public outrage, the banking industry is gearing up to implement tougher measures to combat fraud.

Measures to Combat Fraud

According to Dane Nicholson, chairman of the Jamaica Bankers Association’s anti-fraud committee, these measures are expected to be in place by March. The measures come as a response to the significant increase in internet scams, with local commercial banks losing $133 million in 2022 alone, representing an annual increase of 21% and a near 300% spike over the last five years.

Investigating Internet Banking Schemes

The Major Organised Crime and Anti-Corruption Agency (MOCA) is investigating several internet banking schemes, including one that fleeced millions of dollars from approximately 150 customers at multiple financial institutions. MOCA’s director of communications, Captain Basil Jarrett, estimates that multiple organized persons or networks of persons are involved in these attacks.

Two-Factor Authentication and Customer Vigilance

In response to the growing threat, Nicholson predicts that financial institutions will have to make tough decisions and adjust their internal controls to counter the evolving techniques of cybercriminals. He suggests 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, who notes that customer education around internet scams will be increased by the JBA. “If the financial institutions continue to strengthen their internal mechanisms around their different systems, but customers continue to divulge sensitive information to cybercriminals, then it brings the investments by financial institutions to nought,” he stressed.

Reports of Large-Scale Frauds

The banking industry’s efforts come as reports of large sums of cash being taken from bank accounts have flooded in. One such victim, George Rivera, lost $293,000 after clicking on a link he believed was from his National Commercial Bank (NCB) debit card.

Unresolved Cases and Estimated Losses

Rivera’s case remains unresolved, and there has been 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 Bank of Jamaica data.

However, MOCA believes the losses from cyber and cyber-enabled schemes could actually exceed $1 billion. Nicholson pushed back at claims that some banks are opting to quietly pay back customers rather than filing reports with authorities, describing it as “an old rhetoric.” He predicts that early in the new year, arrests will be made in relation to cybercrime matters reported by various institutions.

Conclusion

The banking industry’s efforts to combat internet scams are crucial in preventing further losses and maintaining public trust. With increased vigilance from customers and strengthened internal controls from financial institutions, the fight against cybercrime can be won.