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More than $5 mil. worth of fraud reported by commercial banks
As the use of technology to complete money transactions rises, so have the instances of fraud, according to The Central Bank of The Bahamas, which yesterday revealed that more than $5 million worth of fraud instances were reported by commercial banks.
The Central Bank’s 2020 payments survey shows that there were 3,317 cases of check, debit and credit card fraud cases processed by commercial banks, the majority of the fraud (68.6 percent) involving debit card transactions that totaled about $900,000.
“Credit card fraud represented 29.8 percent of the total cases, for a corresponding value of $1 million (19.9 percent of the total value). As the usage continues to diminish, the check fraud cases represented a marginal 1.6 percent of all reported instances, but the associated value was almost two-thirds of the corresponding total ($3.2 million),” data in the CBOB’s 2020 Annual Report reveals.
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