The Bank of Jamaica (BOJ) has sought to assure that the level of banking fraud in Jamaica, while concerning, is not massive.

The Bank’s Deputy Governor Dr. Jide Lewis notes that the Central Bank has several initiatives in place with financial institutions to ensure they have a robust framework to manage cyber threats, with several others set to be launched soon.

He says the BOJ is also constantly in touch with the heads of these institutions.

Dr Lewis notes further that the impact of cyber and other frauds on the financial system is still quite small when compared to the overall value of assets being handled.