Banks spending millions yearly to fight fraud — JBA
KINGSTON, Jamaica — The Jamaica Bankers Association (JBA) says Jamaica’s banks are spending millions yearly as they are gripped with the harsh reality of fraud on a daily basis.
The JBA outlined that the card issuing industry is committed to responding in like manner to close all breaches and opportunities for fraud where they exist.
It said it has been increasing the awareness of its clients; training law enforcement and border control (Jamaica Constabulary Force, Customs Officers etc); employment of anti-fraud practitioners including investigators of fraud, monitoring and analysis tools; development of threat matrices to assist in identifying potential exposures; monitoring ATM activity; and deploying anti-fraud hardware and software to tackle the issue.
JBA noted that fraudsters have stepped up their game and have attempted, and at times succeeded, in installing deep insert skimmers, which to the trained and untrained eyes are difficult to be detected.
However, once the trend was identified in the Caribbean, JBA said its members, which represents more 90 per cent of the ATM network, have installed various anti-fraud devices such as Skimming Protection Solutions, and Card Protection Plates, and these projects are completed or are nearing completion for most of the banks.
Additionally, it said in short order, the providers of ATMs to the industry will be rolling out additional anti-fraud software solutions to further increase the defence.
Meanwhile, JBA cautioned that fraudsters are changing tactics and are returning to the enticing of sales personnel, cashiers, and other point-of-sale users to assist in the skimming of cards unsuspecting of clients’ by simply swiping the card in a hand held skimming device that can be easily concealed in a palm or pocket.
Additionally, some collusive merchants are said to be allowing fraudsters to use cloned cards at their places of business to buy and spend inordinate sums of money.
“Undoubtedly fraudsters will always try to find a way, but the card issuing industry is committed to responding in like manner to close all breaches and opportunities for fraud wherever they exist. We are fully committed to ensuring the safety and integrity of the card industry and of the users of debit and credit cards. Additionally, we encourage customers to be vigilant, to be on the lookout for any suspicious activities or devices at merchant locations or at ABMs, and to report these to the Banks or to the Police whenever these are seen”, the JBA advised.