JAMAICA | Opposition wants Gov't to investigate missing funds from bank customers' accounts

KINGSTON, Jamaica. January 11, 2024: The Parliamentary Opposition wants government to put in place immediate and comprehensive measures  to address widespread growing concerns over unauthorised financial transactions and missing funds from bank accounts of customers at various institutions.

Shadow Minister of Science, Technology, Innovation & Entrepreneurship Dr Andre Haughton, in response to widespread  concern over unauthorized financial transactions and missing funds from bank accounts across various institutions in Jamaica,  is calling for immediate and comprehensive action to address these issues and ensure compensation/remuneration for affected individuals.

The Shadow Minister said that recent incidents involving fraud at local banks have raised serious concerns about the security of our banking systems and highlighted the pressing need for a thorough investigation and decisive measures to prevent such occurrences in the future. 

Dr Haughton is urging relevant authorities, including regulatory bodies and law enforcement agencies, to launch a swift and thorough investigation into these security breaches. He noted that enhanced cybersecurity measures are needed to bolster the security of our financial infrastructure, including leveraging the expertise of cybersecurity professionals and employing cutting-edge technologies to protect against emerging threats.

Calling on financial institutions to be clear and transparent in communicating with affected customers, Dr Haughton stressed the importance of keeping the public informed about the steps being taken to resolve these issues and prevent future security breaches. He added, “Financial institutions must expedite the resolution process for affected individuals to ensure a swift and fair redress for those who have experienced financial losses”.

Dr  Haughton underscored the need for robust government oversight and regulation to ensure that financial institutions adhere to cybersecurity standards. Regular audits and assessments should be conducted to identify vulnerabilities and implement necessary improvements.

The Shadow Minister is encouraging financial institutions to invest in cutting-edge technologies and innovative solutions to enhance the overall security of banking systems and to collaborate with fintech companies to leverage advancements in artificial intelligence that can contribute to creating more resilient financial ecosystems.

Dr Haughton remains committed to advocating for robust technological solutions and policies that enhance the security and resilience of Jamaica's financial infrastructure.

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