LOSSES associated with Internet banking fraud rose 17 per cent last year, according to data from the Bank of Jamaica (BOJ).

The central bank, in response to queries from the Jamaica Observer, shared data showing that banks report a total loss of $81.23 million for Internet banking fraud. That was up from the $69.4 million in fraud-related losses the island’s commercial banks reported a year earlier.

 

And, whereas there were 52 incidents of account hacking in 2020, this number climbed to 84 in 2021, the BOJ disclosed in the information sent to the Business Observer.

 

However, the Jamaica Bankers Association (JBA) shared in the last week of January that no local bank has ever been hacked, and that where clients have suffered from cybercrime, it is due to their own disclosure of information to third parties, which was then used to access their bank accounts.

 

Richard Murray, executive director of the JBA, informed the Business Observer that no local bank has ever been hacked.

https://www.jamaicaobserver.com/business-observer/never-been-hacked-jba-says-local-banks-have-never-been-penetrated-by-hackers_243407