Bankers urged to continue vigilance against e-fraud

Sunday, June 23, 2019

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VICE- president of the Jamaica Bankers Association (JBA) Jerome Smalling reminded industry players that as e-fraud attempts and opportunities continue to increase, financial services institutions must remain aware of the various tools that exist to mitigate criminal efforts.

Smalling was speaking at the JBA's annual anti-fraud seminar held in association with the Jamaica Institute of Financial Services (JIFS) at Terra Nova Hotel in Kingston recently.

The seminar sought to expose the over 100 participants to the capabilities of the existing technology through presentations from local and international experts on fraud trends, data protection, machine learning, artificial intelligence and closed circut television imagery in fraud prevention.

Keynote speaker director of prosecutions at the Integrity Commission, Dirk Harrison quoted various statistics from Transparency International as he highlighted the point of the deleterious effects of corruption on governance structures and progress.

He encouraged a “solution-oriented fix over a problem-oriented fix” in addressing fraud, stating further that, “We must stay ahead of the fraudsters, who may ultimately be responsible for programming the same technology and machines on which we are to depend.”

Harrison also reinforced the critical importance of engaging the youth and implored seminar participants to “go out into the schools, the youth clubs, the cadet force, and engage the youth on right and wrong, that there are consequences for the choices they make”.

Another presenter at the seminar, Damian Small - Director of corporate security at Scotiabank, posited that effectively managing fraud in a digital world is dependent on the utilisation of a combination of strategies.

“These strategies must inspire trust and transparency with clients, and create awareness of the various social engineering tactics used by criminals to gather data, while ensuring that fraud prevention and detection is an organisational objective,” Small offered to participants at the seminar.

Other presenters provided participants with practical tips of mitigating fraud from a personal and corporate standpoint, and highlighted the tremendous opportunities that the use of machine learning and artificial intelligence, as well as, video surveillance may offer.

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