Check those credit cards!

BY PAT ROXBOROUGH-WRIGHT Editor-at-large Western Bureau roxboroughp@jamaicaobserver.com

Friday, March 26, 2010

MONTEGO BAY, St James -- The National Commercial Bank (NCB) yesterday revealed that it lost more than J$100 million to credit card fraud last year, put merchants on guard against what it said was a rising problem, and warned them that failure to take responsible action on their part could lead to blacklisting.

Pointing to a fraud-to-sales ratio for the Latin American and Caribbean (LAC) region that was way above the acceptable standard, NCB's Risk Management/Securities Officer Richard Patterson said that it was imperative for merchants to be more careful.

"In recent times we have been seeing a gradual increase in credit card fraud, which we are now trying to push back," Patterson told participants at a Merchant Fraud Seminar. "We cannot be there at the point of sale, that is why we are training you to recognise the signs. It is very important that you acquire and apply this knowledge, because we are just going to have to sever ties if you cannot control the frauds at your location. If we determine that you were irresponsible, or worse, complicit with (fraudsters) we are going to blacklist you."

A merchant who has been blacklisted in this manner would not be able to use a credit card anywhere in the world.

Worldwide, US$7 billion has been lost to credit card fraud for 2009, while J$10.29 billion was lost in the LAC region and J$245.1 million in Jamaica.

Patterson took participants through a presentation covering various tricks being employed by fraudsters. He also gave a detailed explanation of the security features of credit cards and how to protect against those who would seek to defraud merchants.

"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."

Entitled 'Merchant Fraud Seminar 2010', it was the first of a series planned for this year and was attended by just over 150 merchants from St James.

They listened intently as Patterson explained the dangers of participating in the skimming process whereby employees of various businesses were working with criminals to swipe information from the credit cards of customers for reproduction to illegitimate credit cards using innocuous devices.

"No time at all should your employee have one of these devices," he said, pointing to a picture of various gadgets and noting that the fraudulent practice was at an all-time high.

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COMMENTS (2)

Leanora Holland
3/26/2010

Mr. Owen Swaby
You comments are well taken but you are in are in the wrong forum. This article is about fraud and dishonesty. The only loser in this is the consumer. All the Banks will do is charge more interest on the money consumers borrow and pay less interests on deposits to make up for their loss.

owen swaby
3/26/2010

With the high interest rates that these banks charge $245M is petty cash to what they earn. These banks do not care about their customers nor merchants, they always have the handle. Just BLACKLIST them, just allow their machines to suck in their cards, even when you go to make payments to your accounts....these banks are highway robbers.....always making these mega profits while their customers starve to death....thank God I no longer have a credit card, so I don't spend what I dont have nor help to make the bank profitable!!!!

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Check those credit cards!