Jamaica lost 100 million US dollars or approximately JMD$12.6-billion to cybercrimes in 2016.

That’s according to the Jamaica Constabulary Force’s Cybercrimes Unit, which reports that the figure is accounted for in 200 cases reported.

Minister of National Security, Robert Montague, says the figure had grown exponentially in 2017 and continues to be a serious threat. He was speaking at the Jamaica Institute of Financial Services’ annual anti-fraud seminar held at the Terra Nova Hotel in Kingston yesterday.

Minster Montague says the Government is cognisant that the integrity of the banking and financial services industry is crucial to achieving the country’s vision of national and personal security.

He says financial crimes represent a significant challenge to international economies and threatens the financial stability of many countries.

Minister Montague says criminals have taken a sophisticated approach to executing illegal activities.

He urged financial institutions and Jamaicans in general, to safeguard against these crimes, by learning proactive measures to be taken, through such channels of learning as seminars.

The seminar, which was hosted under the theme “Identification and Document Authentication” was aimed at addressing the threats posed by false documentation and identification.