NCB fights back at fraudsters

Don't mess with NCB. That is the message the country's largest indigenous banking institution is sending to fraudsters involved in debit and credit card scams in Jamaica. The police have reported that with the crackdown on the lottery scam, unscrupulous persons have turned their attention to bank card fraud.

However, in response to questions posed by Caribbean Business Report regarding card fraud, NCB declared that it had undertaken extensive measures to cut card fraud and uncover and prosecute those involved in the activity. NCB reportedly lost $100 million as a result of card fraud last year but claims that it has now significantly reduced the incidences of card fraud but would not say by how much.

"Several individuals, some of whom are considered to be masterminds in various fraud rings, have been apprehended by the police and now face criminal charges as a result of anti fraud initiatives and we have noticed a significant reduction in activities which were previously attributable to those individuals," said Howard Gordon, general manager, group operations and technology division, NCB. "We believe that our persistence in pursuing anti-fraud initiatives has made NCB less attractive to criminals as a target for their fraudulent activities."

NCB has a special unit dedicated to detecting and preventing fraud, and collaborates with the police on the activities. "Our anti fraud efforts are as a result of a team effort. This team comprises our unit of fraud experts, law enforcement and co-operation by customers and staff," said Gordon. "Collectively, we are the best defence against fraudulent activity."

Among the many measures that NCB has undertaken in fraud prevention are public education through frequent fraud seminars with merchants and bulletins which place an emphasis on PIN protection; dedicated monitoring and profiling of card usage to identify suspicious activities, the training of ABM service providers on ABM fraud, the devices to look for inside the vestibules and the desired response should a device be found. The Bank said it has also acquired computer software to aid in the analysis of fraudulent devices found at the ABMs and to identify fraudsters, which aids in prosecution.

"Many losses have been averted based on customers and staff having a better understanding of the subject matter due to our frequent fraud seminars and bulletins. In many instances, compromised cards are blocked before funds are withdrawn or depleted, saving the customer from the frustration and inconvenience of this invasion of their personal accounts," said Gordon.

One such seminar entitled 'Merchant Fraud Seminar 2010' was held in March this year and NCB's risk management and securities officer Richard Patterson told participants that it was in their interest to also help prevent card fraud.

"No one should leave this room without being able to identify or distinguish between a legitimate and a counterfeit credit card," he said. "That is the primary objective of this seminar. Card security features, card security features, card security features!"

Patterson added that merchants who are irresponsible or found to be complicit with fraudsters would be 'blacklisted' by NCB. He further added that a merchant who has been blacklisted would not be able to use a credit card anywhere in the world.

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