Police urge BOJ to implement regulation  requiring financial institutions to set up an investigative unit to treat with fraud cases

A recommendation is being  made for  the Bank of Jamaica (BOJ)  to implement a regulation that would require banks and other  financial institutions  to set up an  investigative  unit.

This is part of efforts to tackle cyber crime, including online debit and credit card fraud.

The suggestion came from Deputy Commissioner of Police (DCP)  Fitz Bailey while speaking at Parliament’s Economy and Production Committee meeting yesterday.

DCP Bailey noted that in 2010, a system was implemented by the banks and police to treat with fraud cases.

He said this system helped to reduce  incidents of fraud.

DCP Bailey wants  a formal unit, similar to what obtains in the united kingdom, to be implemented in Jamaica.  


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