The Bank of Jamaica, BOJ has highlighted that three of the island’s banks are not fully compliant with fraud minimization measures.
This, amid a recent upsurge in cases of fraud involving some banks.
Last week, 13 persons were arrested in relation to bank fraud cases.
Speaking at parliament’s Standing Finance Committee meeting yesterday, Deputy Commissioner of the BOJ, Dr Jide Lewis said of the 8 banks that offer retail services, 5 are fully compliant with fraud minimization.
As it relates to maintenance and management of services disruptions, 4 banks are not yet compliant.
He added that in relation to accessibility and ease of use, only 1 bank was fully compliant.
Dr Lewis said the lack of compliance by some banks was due to the impacts of Hurricane Beryl and some banks have asked for an extension of time, to comply.
He said some banks requested extensions to the end of the first and second quarters, of next year.