THE Bank of Jamaica (BOJ) said it will be increasing its vigilance of commercial bank transactions as it moves to lessen growing social engineering attacks such as phishing, vishing and smishing.

This, following recent acts of these unscrupulous attacks on customers of the National Commercial Bank (NCB), which left many defrauded of millions in savings.

“The BOJ has acted swiftly to engage in dialogue, both internally and with the wider commercial banking sector, to discuss possible steps that can be taken to reduce phishing, smishing, vishing and other technology-based fraud.

“The bank recognises that the increased reliance on technology for the delivery of and access to financial services has resulted in increasing cyber and social engineering attacks locally and globally to, among other things, steal data or funds. We have therefore incorporated more robust reviews of banks and other licensees under the Banking Services Act (BSA) using data analytics to assist with faster identification of gaps in systems and measures that could pose a risk for criminal activity including cyberattacks,” the central bank said in a statement yesterday.

The BOJ said that since the BSA Act requires banks and other licencees to have effective mechanisms and system controls to protect against and mitigate various forms of risks and fraudulent activities, it is expecting all parties to adhere to the stipulated provisions as they get even more proactive in managing risks.

“Our efforts are also complemented by the Cybercrimes Act which criminalises such activities,” the BOJ added.

The central bank, in acknowledging the likelihood of potential breaches despite the installation of robust technology systems, implored its licencees to also step up their own vigilance by providing educational and public sensitisation campaigns to inform their customers on how to protect themselves and their money.

“The BOJ has been, and continues to be, a strong advocate for financial literacy and has been utilising programmes such as Under the Law to increase awareness of customers in accessing financial services as safely as possible.

We encourage banking customers to, if even in the slightest of doubt, call your financial institution to verify the authenticity of any communication from any email address, text message or via telephone purporting to be your bank before divulging sensitive information, especially if this is information that your bank should already have in its possession,” it advised.