Account Holders Renting Bank Accounts to Scammers in Jamaica
The National Commercial Bank (NCB) has become the center of attention due to numerous fraud allegations being reported in recent times. In an attempt to uncover the extent of these illicit activities, the following details have been gathered. According to the allegations, several employees and bank officials have been accused of engaging in illegal practices, including embezzlement and money laundering. – Reports suggest that high-profile clients were involved in these activities, utilizing the services of corrupt bank employees to carry out questionable transactions. – Authorities are currently investigating the alleged fraud cases and are in the process of scrutinizing the bank’s records and transactions.
The latest allegations are that bank customers are renting their accounts to fraudsters to carry out illegal transactions. Fraud prevention expert, Lloyd Parchment, is working with the Jamaica Bankers’ Association to address the issue. The scam, known as account rental, involves fraudsters approaching individuals and paying them a fee in exchange for their debit card and account information. They will then deposit a forged cheque into the account and withdraw the money if the bank does not detect the forgery.
Senior Superintendent of Police Dr. Anthony McLaughlin warns: Don’t be a pawn! Abetting fraud through your bank account has serious consequences.
The criminals often recruit account holders through social media and pay them to open the rented accounts. After the deposit, the fraudulent funds are withdrawn at an ATM. Parchment confirmed that the incidence of cheque fraud has surged and all commercial banks have been targeted.
In addition to the account rental scam, there have also been cases of theft and use of credit cards before they are mailed out to customers. Most banks typically use post office services to distribute these cards, although some have revised their policies to require customers to collect cards in-branch. To combat the scams, banks and businesses in Jamaica are seeking ways to strengthen security measures and close loopholes exploited by criminals.