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Code Of Conduct For All Deposit Taking Institutions

Code Of Conduct For All Deposit Taking Institutions
Minister of State in the Ministry of Science, Technology, Energy, and Mining, Hon. Julian Robinson (fourth left), addresses recent JIS ‘Think Tank’ on the Cyber Security Public Awareness Campaign, to be launched this month. Others (from left) are: Technical Adviser in the Ministry; Dr. Moniphia Hewling; JMMB representative, Stacy-Ann Escoe; Jamaica Bankers Association (JBA) cyber security task force representative, Lloyd Parchment; Executive Director, JBA, Richard Murray and Scotiabank representative, Derrick Cochran.
(Media Credit: Mark Bell)

KINGSTON (JIS) -- A code of conduct for all deposit taking institutions is to be finalized by the Bank of Jamaica (BoJ), during the first half of this year. The code was drafted, in consultation with the deposit-taking industry, the Consumer Affairs Commission (CAC) as well as the World Bank, under a Technical Assistance agreement. Executive Director of the Jamaica Bankers Association (JBA), Richard Murray, told JIS News that the code should go a far way in protecting consumers.

The BoJ, under its Banking Services Act, is also mandating financial institutions to provide figures for fraud and cybercrime cases.

Cyber security task force representative from the JBA, Lloyd Parchment, informed JIS News that the BoJ had given the association notification of this coming stipulation. “Pretty soon, under the Access to Information Act, those figures will be readily available to the public,” he noted.

“Member organisations have been asked to submit, on a periodic basis, their fraud figures along certain lines,” Mr. Parchment added.

Regulating the banking sector will further the government’s aim of protecting Jamaicans online.

Mr. Parchment explained that as long as there are computers, there will always be cyber crimes, and that the best defence is public education.

He added that in addition to protecting customers’ information, the JBA is urging consumers to protect themselves.

Meanwhile, Minister of State in the Ministry of Science, Technology, Energy and Mining, Hon. Julian Robinson, told JIS News that along with the regulations, the Government, in its aim to create a safer online space, is also taking steps to regulate standards in the public sector, to ensure consistency in all ministries, agencies and departments.

The State Minister said the Government will be partnering with the JBA to saturate the population with information that will make them safer online.

Mr. Robinson said the JBA will develop the (cyber security) ad campaign – ‘Stop.Think.Connect’.

He pointed out that the campaign will be targeting schools, as this group is so exposed, with most students having smart phones, tablets and computers.

The official launch of the public awareness campaign will be done this month.