Cybercrime Costs Jamaica Over J$12 Billion, Says Law Enforcement Official

Jamaica has lost an estimated J$12 billion to cybercrime in 2016 alone, according to Director of the Major Organised Crime and Anti-Corruption Agency Colonel Desmond Edwards. This staggering sum highlights the significant challenge faced by law enforcement officials in combating this type of crime.

The New Frontier for Criminal Enterprises

Colonel Edwards noted that cybercrime has become the new frontier for criminal enterprises. With no defined borders in the virtual space, cybercriminals can operate from anywhere in the world with access to the internet and a computer platform. This makes it difficult for law enforcement officials to track and prosecute these criminals.

Underreporting of Losses

Edwards believes that the estimated loss is likely much higher than J$12 billion, but some financial institutions may be underreporting their losses due to reputational damage concerns.

Statistics on Cyber Attacks in Jamaica

• According to the 2018 Financial Stability Report published by the Bank of Jamaica, there were 62 counts of internet banking fraud in Jamaica between January and September 2018, resulting in losses totalling J$38.2 million.
• Jamaican banks experience nearly two cyber attacks per week on average, with one extreme month seeing hackers make off with J$10 million.

The Growing Threat of Cybercrime

Professor Anthony Clayton from the University of the West Indies notes that hackers are increasingly becoming key members of organized criminal gangs. “Cybercrime is now a major form of trans-border activity,” he said. “It is close to one per cent of global GDP, and it is growing the most rapidly at the moment.”

Rethinking Border Patrol Strategies

Clayton believes that there is a need to rethink border patrol strategies in light of these new crime groups emerging. “New crime groups are emerging, and this is like a generational shift in organised crime,” he said. “A lot of them are younger and they have got a completely different business model.”

This highlights the importance of adapting law enforcement strategies to combat the evolving threat of cybercrime. It is essential for governments and financial institutions to work together to prevent and investigate these crimes, as well as to educate the public on how to protect themselves from cyber attacks.