According to Forbes Magazine, the global cost of cybercrime had risen from $445 billion USD in 2014 to $600 Billion USD in 2017, and is expected to reach $2 Trillion USD by 2019. Digital fraud levels are at an all-time high globally and Jamaica is no exception. The money lost through fraud and scamming can be devastating.
While this situation can feel overwhelming, National Commercial Bank (NCB) Jamaica has invested in extensive measures to thwart fraudsters, and to help the public to protect themselves. Lloyd Parchment, Fraud Prevention Manager at NCB explains, “Having cutting edge modern security is more than a priority at NCB, it is absolutely a necessity. With the rate at which tech-fraud evolves, we have put the full force of the bank behind investing in the most current global security systems, and that is why we use RSA technology”.
NCB Online users are protected by RSA SecurID technology, a world-class encryption software with a two-layered security login procedure. The system calls for double verification, firstly via a personal 4-digit PIN, and then with an automatically generated RSA code. The code is six randomised digits which can be accessed via the mobile app, or by a small device (token) “ RSA ” provided by NCB. The code must be used within a specified time before it expires, thus reducing the risk of it being copied or misused. “Since we have introduced RSA, over 70% of our active online banking customers have been secured using the technology. As we move towards the September 30th deadline, efforts are underway to get the all customers secured using RSA SecurID Tokens”, says Parchment.
Effective September 30, 2018, RSA SecurID tokens will be required to access NCB Online Banking. To aid in this transition the bank has taken proactive steps in assisting customers to onboard. “On September 14, at the NCB Half-Way Tree Branch we will staging an Anti-Fraud Friday event aimed at helping customers get secure using NCB Online, where specifically assigned service team members will assist customers in getting signed up for an RSA token. Customers may also call our RSA line at 876-936-4374 Monday to Friday – 8:30 a.m. to 5:00 p.m.” Mr. Parchment shares, “With RSA a criminal will not be able to access your accounts with just a password. They will also require information from your secure RSA token. It is the best available safeguard and we want all our customers to take advantage of this solution.”
In recent times NCB has taken to the media to educate the public on security risks in the landscape, and to provide tools to help safeguard its clients. Parchment reiterates that where third party scammers are concerned, vigilance is key. “NCB has invested over $2 Billion JMD since 2016 in global technologies and certifications to improve the reliability of our network and the security of our customer accounts. These investments continue. We assure you that we are doing everything possible to protect customers against fraud.”