BOJ engages players in commercial banking sector to discuss steps to reduce technology-based fraud

In response to the recent cyber attack which resulted in bank customers losing millions of dollars, the Bank of Jamaica says it has engaged players in the commercial banking sector to discuss steps that can be taken to reduce technology-based fraud.


The BOJ says it recognizes that the increased reliance on technology for financial services has resulted in increasing cyber and social engineering attacks locally.


It says it has therefore incorporated more robust reviews of banks and other licensees under the banking services act, using data analytics to assist with faster identification of gaps in systems and measures that could pose a risk for criminal activity including cyber-attacks.


It also notes that banks and other licensees are required to have in place effective mechanisms and system controls to protect and mitigate against the risk of cyber-attacks and other fraudulent activities.


BOJ says given the evolving nature of the cybercrimes landscape, the licensees’ board and management are expected to be proactive in managing this risk.


It adds that its efforts are complemented by the Cybercrimes Act which criminalizes such activities.


It notes that even with robust technology systems, banking customers may still become victims of fraud and as such, it is imploring its licensees to increase their vigilance and be proactive in educating the public on ways to protect themselves and their money.


The BOJ adds that it is encouraging banking customers to call their financial institutions to verify the authenticity of any communication from any email address, text message or telephone before divulging sensitive information, especially if this is information that the bank should already have in its possession.


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