The Bank of Jamaica has announced that it will be increasing defenses in order to minimize cybercrimes at banks. This includes utilizing data analytics to identify gaps found within the respective banking systems.

This response comes in light of a recent incident where customers affiliated with the National Commercial Bank (NCB) lost approximately $18 million in a smishing and phishing fraud attack for over a period of 10 days.

This scheme was carried out under the guise of emails or text messages sent from NCB in which customers were asked to click on links.

Following this, victims would reportedly receive a follow up phone call disguised as NCBs with requests for a token code that customers are required to input to access certain services.

The scammers would then use the code to add themselves as beneficiaries on the customers’ accounts then transfer funds.

As such, BOJ has alluded that deposit taking institutions must institute more effective system controls that will aid in protecting and lowering the risk of cyberattacks and other fraudulent activities.

In addition, BOJ is also urging customers that are using banking services to be more vigilant and exercise caution as they could be swindled into releasing personal information.