Credit Card Fraud Prevention in Jamaica: Experts Urge Tough Stance on Customers and Ditching QR Codes

A leading fraud specialist at the National Commercial Bank (NCB) has called for a tougher approach to credit card fraud prevention in Jamaica, urging banks and financial institutions to stop reimbursing customers who fall victim to cybercriminals.

The Problem with Credit Card Fraud

According to Dane Nicholson, NCB’s in-house fraud specialist, many customers still fall prey to smishing and phishing scams. He revealed that on average, at least 15 people in Jamaica are victimized every week by these tactics, which involve fake mobile text messages and websites designed to trick individuals into downloading malware or revealing sensitive financial information.

The Responsibility for Reducing Fraud

The fraud expert emphasized that the responsibility for reducing fraud lies with both financial institutions and customers. “They should not be reimbursed,” he insisted. “All financial institutions should follow NCB’s ’no click-no link’ policy… cybercriminals will infect links with malware.”

Concerns about QR Codes

Nicholson also expressed concerns about the proliferation of QR codes, which he believes are a hotbed for malware. He warned that using QR codes is akin to “juice jacking,” where cellphones can be infected with malware to capture names and passwords.

Mitigating Against Fraud

To mitigate against fraud, Nicholson advised customers to:

• Avoid conducting sensitive transactions on public Wi-Fi
• Use secure PIN codes when accessing ATMs
• Refrain from posting their location on social media
• Use separate passwords for different accounts and applications
• Avoid communication with financial institutions over social media

Personal Approach to Password Management

The expert also shared his own personal approach to password management, opting for phrases instead of traditional passwords. “Fraudsters create false social media accounts to replicate genuine pages… customers should never communicate with financial institutions over social media,” he warned.

The Future of Credit Card Fraud Prevention in Jamaica

The Jamaica Data Protection Act (DPA) is expected to come into force by year-end, requiring financial and other companies to better handle customer data. However, Nicholson noted that the law will not eliminate fraud entirely.