BOJ pushing financial institutions to more quickly respond to fleeced customers

 

The Bank of Jamaica says it has implemented measures to ensure that financial institutions respond more quickly to complaints of their customers whose accounts have been fleeced by fraudsters.

 

There have been mounting calls for new regulations to ensure that the island's commerical banks investigate and respond in a timely manner to customers who have complained of unauthorised withdrawals from their accounts.

 

Speaking during Wednesday's sitting of the Economy & Production Committee of Parliament, Deputy Governor at the Bank of Jamaica, Dr. Jide Lewis, said banks are required to establish a unit to handle complaints from customers about the disappearance of their deposit.

 

Failing this, the BOJ would intervene.

 

"Banks are required to respond to that in 45 days and they are required to do an investigation during that period and respond to the complainant. In instances where that is not satisfactorily executed from the perspective of the complainant, those matters can be and are referred to the Bank of Jamaica.

And we look into the matter, really from our perspective of requiring that the entity does further due diligence into the matter," he explained. 

 

It was revealed Wednesday that more than $300 million was stolen from the bank accounts of Jamaicans between 2021 to 2023.

 

Dr. Lewis said, in many cases, the BOJ has been pressing financial institutions to refund the customers whose accounts were defrauded. 

 

"What we want to make sure that they do however is have in place a mechanism to investigate claims against them, ensure that having investigated those claims, come to a determination as to whether they are culpable, treat with the issue that led to the culpability and refund the customer within 45 days. 

 

"Now we can have a discussion whether 45 days is too long, whether it's too short, but that's what's embedded currently in the code. In complaints that come to us where we find the argument of the commercial bank or merchant bank or building society weak, we do push back and we do ask them to have another look, and in the spirit of good customer relations to re-evaluate. And in many of those cases, refunds are made," said the deputy governor.