Key players in Jamaica’s financial sector are taking a firm stance against internet, ABM/Cards scams and have joined forces to launch an Online Security Campaign. This is aimed at building awareness about the importance of exercising vigilance in order to protect your privacy and finances when conducting transactions via electronic channels.
Even as individual institutions continue to invest in their security and IT infrastructure, partners on this initiative, CIBC First Caribbean International Bank, First Global Bank, Jamaica Money Market Brokers Merchant Bank (JMMB), National Commercial Bank Jamaica Limited (NCB), Sagicor Bank Jamaica and Scotiabank Jamaica (BNS) understand that addressing the issue collectively will drive a heightened sense of alertness among its customers and the general public. This move is endorsed by the Ministry of Science, Energy and Technology under its National Cyber Security plans.
Dubbed ‘Protect yourself Online!’ with the tagline: ‘Stop and Think before you Click’, the campaign launched on Friday, September 30 ahead of Cyber Security Awareness Month in October. This plan of action comes as the banks have taken note of the inherent risks posed to not only the security of their customers but also the integrity and trust of the electronic platforms, as a result of criminal attempts through the evolving cyber attacks. The campaign seeks to raise awareness among Jamaicans about possible online threats to their accounts and finances, and empowers customers through education, to enable them to develop good online safety habits.
With technology defining and directing consumer lifestyles, financial institutions have been focused on transforming their businesses; moving to digital strategies which will facilitate more convenient and flexible banking solutions as a key part of customer service and experience.
What You Need to Know:
ABM/Card Frauds
Research into scamming trends has highlighted different points of access and multiple approaches to compromising the security of electronic channels. Those identified as prevalent in Jamaica include Automated Banking Machine (ABM)/card fraud and phishing scams.
Skimming of both debit and credit cards is on the rise as information stored on the magnetic tape at the back of cards is lifted using an electronic device known as a skimmer. Once collected, the information is often used to clone cards, providing access to withdraw money from your account or make purchases. ABMs are also under threat. In response, banks have formulated a slate of tips, which customers can use to help safeguard themselves from unlawful activities targeting the facilities.
Tips:
Internet Fraud
Phishing, on the other hand, takes place when a person sends an email requesting personal information with the aim to use it to gain access to bank accounts and carry out other illegal activities. Such emails can hold corporate logos, links to false websites, requests for users to update or confirm private information and suggestions of consequences for not following included instructions. It is advised that suspicious emails and any links they contain be ignored.
As fraud via internet and other electronic means continues to be an issue plaguing the international financial industry, local financial institutions continue to employ and invest in security upgrades. Each bank is firm on its stance to secure customer best interest through the protection of their data and finances. The campaign is only the latest feature to further that cause. Visit www.stopthinkconnect.org.jm for more information on the Campaign as well as online security tips.
Through a unified approach, the banks are eager to engage and educate the public as the good news is that the Campaign promotes awareness efforts in a cohesive and fulsome manner using – Print advertisements, Notices/Fliers throughout the partnering commercial Banks, Television and radio Ads, interviews, Billboards, dedicated website as well as Social Media posts.