E-banking and e-fraud: A comparative investigation in Jamaica and the UK
Turksen, U. and Chambers, C. (2010) E-banking and e-fraud: A comparative investigation in Jamaica and the UK. Cyberlaws 2010.
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The unprecedented growth of 'e-banking' has nullified the traditional methods of banking and transformed the way millions of customers conduct banking transactions. E-banking has many benefits and has been created in a technological age to aid businesses (e-commerce) and to ensure economic prosperity for many. However, E-banking does have a nebulous dimension. Cyber crime is one of its major disadvantages. More specifically for e-banking, e-fraud has become a global problem. This paper seeks to examine reported instances of e-fraud and its impact on E-banking in two jurisdictions, namely Jamaica and the United Kingdom. It also seeks to investigate the legislator’s response to the new technology and pertaining crime. The paper conceptualizes this growing problem in light of the global credit crisis or 'credit crunch' since 2007 and makes a number of recommendations.