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Banking system safe, says Bankers Association

 
The Jamaica Bankers Association has asserted that reports of employee fraud in financial institutions are not an indication of a weak banking system.
 
This assertion comes amid fears about the safety of funds in Jamaica's financial sector.
 
The issue of employee fraud has been the subject of much public debate following news of fraudulent activity at investment firm Stocks and Securities Limited, which is not a bank. 
 
President of the Jamaica Bankers Association Septimus Blake, speaking Tuesday on Radio Jamaica's Beyond the Headlines, said there is a renewed commitment to strengthening systems to detect and prevent fraud in the banking system.
 
Mr Blake said there have been stringent background checks of potential employees seeking to work in financial institutions.
 
Mr Blake said the measures employed in the banking sector  resulted in a reduction in the level of fraud cases last year.
 
But he admitted  that the value of the fraud schemes has increased.
 
 
 
 
 
 


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