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ATM Fraud Costing Two Banks a Combined $11m in 2017

Two local banks say they’ve lost a combined $11-million due to ATM fraud since the start of the year.

Fraud Prevention Manager at National Commercial Bank, NCB, Lloyd Parchment, says his bank has had to refund some $10-million to customers whose accounts were hacked.

Chief of Operations at JN Bank, Janice Robinson, says they’ve reimbursed customers just over 1-million dollars so far this year.

And Vice President of Business Support at Scotiabank, Julie Thompson James, says they’ve also experienced significant losses.

However, she did not specify the amount.

Mrs. Thompson James says the scammers are getting more sophisticated.

Earlier this week, Head of the St. Catherine North Police Division, Senior Superintendent Anthony Powell, revealed that there’s been an increase in ATM fraud in Linstead.

However, Mr. Parchment says it’s not just Linstead that’s been targeted. He says the problem is islandwide.

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