BOJ engages banks after recent phishing, smishing, vishing attacks | Loop Jamaica

The content originally appeared on: Jamaica News | Loop News

The Bank of Jamaica (BOJ) says it has engaged players in the commercial banking sector to discuss steps to reduce phishing, smishing, vishing and other technology-based fraud.

The central bank said it sought dialogue with banks in response to a recent social engineering attack that resulted in a bank’s customers losing significant sums of money.

The victims in question were customers of National Commercial Bank (NCB) Jamaica. They lost approximately $18 million to fraudsters.

To this end, the BOJ said it has 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.

The BOJ advised that banks and other licensees under the BSA are required to implement mechanisms and system controls to protect and mitigate against the risk of cyberattacks and other fraudulent activities.

The BOJ also acknowledged that though banks implement robust technology systems to combat fraud, customers may still become victims of fraud through social engineering attacks.

To this end, the BOJ implored its licensees to increase their vigilance and be proactive in educating the public on ways to protect themselves and their money.

The central bank also encouraged banking customers to call their financial institution to verify the authenticity of any communication before divulging sensitive information, especially if this is information that the bank should already have in its possession.

Communication channels can include emails, text message or via calls purporting to be your bank.