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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Last month, John Rolle, the Governor of the Central Bank of Bahamas, shared an update on the rollout of the Bahamas’ central bank digital currency (CBDC), known as the sand dollar, which went live in October last year.
The digital currency’s motivations are to promote financial inclusion, modernize the payment system, and make private wallet systems interoperable.
While the Bank centrally controls the core infrastructure for minting currency, the customer-facing aspect is primarily done by the private sector. So far, nine institutions have integrated their mobile wallet applications, including four money payment firms, three payment providers, a bank and a credit union.