Scotia moves to further reduce credit/debit card fraud

BY KARENA BENNETT Business reporter bennettk@jamaicaobserver,com SCOTIABANK Jamaica will be implementing a security system to further minimise credit and debit card fraud within another 12 months.

Wednesday, December 17, 2014    

SCOTIABANK Jamaica will be implementing a security system to further minimise credit and debit card fraud within another 12 months.

The CHIP/EMV card processing system will require customers to insert their cards into point-of-sale terminals instead of swiping, to authenticate transactions. This should allow for faster processing at checkout points in addition to enhanced security, according to Monique Todd, Scotiabank Jamaica’s vice-president of marketing, public and corporate affairs.

“Plans are already well on the way for Scotiabank to switch over to the CHIP/EMV card processing system by the end of 2015,” Todd told the Jamaica Observer in an e-mailed response. “Once fully implemented, customers will no longer need to sign transaction receipts and verify their signature.”

EMV, or Europay, MasterCard and Visa card, has already been implemented in a number of countries, including the United States. A study conducted in that country estimates that close to 1.1 billion EMV cards will be issued by the end of 2015, costing banks US$3.85 billion ($435 billion) to issue the cards and another US$6.5 trillion ($734.5 trillion) for the upgrading of point-of-sale systems to become EMV-compliant.

Traditionally, electronic cards use a magnetic strip which stores data, allowing anyone who accesses the data to gain sensitive information. However, the new card will feature a small magnetic square that will increase protection against fraud, by creating a unique transaction code each time the card is inserted for payment.

For the first few months, the EMV cards should be equipped to use both chip and magnetic-strip functions to avoid disruptions and allow time for merchants to adjust. While the new system will not prevent data breaches from occurring, Scotia believes it will make it much harder for hackers to conduct fraudulent transactions.

Over the last five years, commercial banks have seen a significant increase in the number of transactions carried out by credit and debit cards. A report by the Bank of Jamaica indicated that the banks recorded a 52 per cent increase in credit card receivables, moving from $11.6 million at the end of June 2009 to $24.3 million for the comparative period this year.

Still, credit card fraud has amounted to more than US$58,000 and J$34 million during the first five months of this year, and is now classified as the most productive means of swindling local currency from bank customers.

Scotia has been strengthening its online banking security system after recording a $150-million loss over a nine-month period to debit and credit card fraud transactions in 2010. Since then, the bank has managed to reduce the number of credit and debit card liabilities by 57 per cent.

The EMV, or Europay, MasterCard and Visa card, has already been implemented in a number of countries, including the United States

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Scotia moves to further reduce credit/debit card fraud

Scotia named Bank of the Year, Best Foreign Exchange Trader in Jamaica

SCOTIABANK was last month named Bank of the Year and Best Foreign Exchange Trader in Jamaica by The Banker, a Financial Week publication, and Global Finance magazine, respectively.

Scotia, in a news release on Friday, said that this was the second consecutive year that it has received the Bank of the Year award, and the seventh year in which it took the title of Best Foreign Exchange Trader.

“We are proud of this award because it is a reflection of the hard work of our employees and their focus on providing sound financial advice and good service to our customers,” the news release quoted Jacqueline Sharp, president and CEO, Scotia Group. “Scotiabank has had a presence in Jamaica for 125 years and we’re pleased to be known for our customer service and for delivering superior results for our shareholders.”

She added: “I would like to thank the customers who continue to believe in us and support us. I am fortunate to work with a professional team of exceptionally talented individuals who continuously demonstrate their commitment to helping our customers discover what’s possible.”

Scotia also said it was named Bank of the Year in Antigua, Bahamas, Barbados, Belize, Grenada, Guyana, and Trinidad & Tobago by The Banker. The publication, Scotia explained, has been the reference point for accessing the performance of banks across the world.

“The award acknowledges the success and overall achievements of the world’s top financial institutions as it seeks to reward and promote industry-wide excellence in the global banking community. One award is given to a single bank in each country for best overall performance. Winners of the award are selected based on their ability to deliver shareholder returns and gain strategic advantage,” the news release said.

Global Finance has been highlighting outstanding financial institutions in the banking industry since 1987. The criteria for choosing the winners in foreign exchange trading included transaction volume, market share, scope of global coverage, customer service, competitive pricing and innovative technologies.

Scotia said that these prestigious awards are the latest in a series of accolades it has received, which include:

* Best Consumer Internet Bank Award 2014 – Global Finance

* World Class Certification for Customer Contact Centre 2014 – Service Quality Management Group – (three years in a row)

* Best Bank in Jamaica 2013 – Euromoney Magazine

* Best Emerging Markets Bank – 2013

* Global Bank of the Year and Bank of the Year in the Americas – The Banker 2012.

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Scotia named Bank of the Year, Best Foreign Exchange Trader in Jamaica

Scotia sets SME loan at 9.5 interest

BY TERRON DEWAR Business reporter dewart@jamaicaobserver.com

Friday, October 10, 2014    

SCOTIABANK has revealed an interest rate of 9.5 per cent per annum for its new $500-million small and medium enterprises (SMEs) loan fund.

The fund, which was opened last month, will enable borrowers to access up to $15 million secured, and $2 million unsecured, with a maximum of five years to repay.

When the fund was launched in August, Scotiabank Jamaica President and CEO Jacqueline Sharp told the Jamaica Observer that while the bank was still figuring out how low to set the rate, it was expected to be less than the 12 to 14 per cent typically offered on loans.

The credit facility also makes provision for borrowers to access unsecured loans at an annual interest rate of 11.5 per cent.

“This loan is a part of the bank’s commitment to address the lack of accessible funding for SMEs,” said Debra Lopez-Spence, vice-president, Small and Medium Enterprises at Scotiabank.

SMEs that specialise in manufacturing, agro-processing, tourism and the creative industries are earmarked as the beneficiaries of the facility, which was launched in celebration of Scotiabank’s 125th anniversary in Jamaica.

In order to qualify for the loans, businesses must earn no more than US$4 million in revenue annually and require capital to:

* acquire new and used equipment;

* re-engineer their production process;

* re-tool their businesses;

* install alternative energy solutions; and

* modernise their operations.

Borrowers who wish to access the fund must submit their applications to the bank no later than March 31, 2015.

The bank will close the fund once the $500-million has been committed.

Scotiabank provides financial services for 50 per cent of Jamaicans and has over $404 billion under management.

The bank employs just over 2,000 people and has 38 branches islandwide.

SHAPRE… had said the rate would be less than the 12 to 14 per cent typically offered on loans

Scotiabank Jamaica launched the SME loan fund in celebration of its 125th anniversary in Jamaica.

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Scotia sets SME loan at 9.5 interest

Scotia to establish online FX platform for clients

SCOTIA Group Jamaica (SGJ) which includes the nation’s largest bank aims to set up an online foreign exchange (FX) platform that will allow clients to trade in developed nation currencies, management indicated.

The group hopes to begin offering the service this year as part of drive to offer more online services.

“The range of treasury solutions available to corporate customers will also be extended with the introduction of a foreign exchange forward product; and an application which will allow these clients to trade G7 currencies online, once they hold a Scotiabank account,” stated the management discussion in the SGJ annual report just published.

The G7 includes most of the world’s largest economices led by the US, Japan, Germany, UK, Italy, France and Canada.

Queries sent from last week to SGJ for further clarification went unanswered up to press time. SGJ indicated in its annual report that it allowed customers to buy and sell foreign currencies via internet banking since 2012. However clients could not trade a wide array of currencies and in real time.

According to management, the move towards real time rates and market information started last year within seven branches.

“We strengthened our reputation in 2013 as a consistent and competitive foreign exchange provider in a challenging economy in which fiscal consolidation and rapid depreciation of the Jamaican dollar were predominant factors,” stated SGJ adding that the treasury department earned revenues of $2.8 billion and contributed 16 per cent of the group’s pre-tax profits.

The local currency which trades at over $107.76 to US$1 lost nearly 15 per cent of its value year-on-year.

SGJ received the award of Best Foreign Exchange Bank in Jamaica for the fifth year running by the recognised Global Finance magazine.

Currently, brokerage house, Alliance Trading offers its online trading platform for trading of NYSE, NASDAQ and AMEX listed stocks.

SGJ posted net profit of $11.9 billion, up $350 million from a year earlier. It comes in the context of a dip in earnings across much of the financial sector arising from the national debt swap.

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Scotia to establish online FX platform for clients

Scotia Jamaica appoints first female CEO

News

Thursday, August 08, 2013

JAMAICA’S most profitable bank — Scotia Group Jamaica (SGJ) — announced yesterday that it will appoint its first female president and CEO Jacqueline Sharp, effective September 1, following the appointment of Bruce Bowen to a regional position.Bowen, president and CEO of the company over the last five years, will assume his position as senior vice-president of Caribbean international banking, effective next month.Calls to Bowen’s phone went to voicemail last night.“At a board meeting today (yesterday), directors of SGJ appointed Jacqueline Sharp, currently executive vice-president, chief financial officer and chief administrative officer (CAO) as president and CEO of the company,” stated the SGJ release on the Jamaica Stock Exchange, authorised by bank chairperson Sylvia Chrominska.Sharp was also appointed a director of the SGJ and the Bank of Nova Scotia Jamaica Ltd.Sharp joined Scotiabank in 1997 and over the past 15 years held progressively senior roles in the areas of treasury, finance, private banking and insurance. In April 2011 she assumed additional responsibilities as chief administrative officer in April 2013 and was appointed executive vice-president, CFO and CAO.“Over the past few years Bruce (Bowen) has led SGJ through a very challenging economic environment. Our continued growth through this period is a testament to his leadership ability and the quality of the executive team he has developed,” the release said.Chrominska, commenting on Sharp’s appointment, said: “We are very pleased to have Jackie Sharp assume the position of president and CEO. As CFO and CAO Jackie has provided strong support to all of the group’s business lines and together with her experience leading the private banking unit and Scotia Jamaica Life Insurance Company is well suited to assume the CEO role.”SGJ made a $5.6-billion net profit for its six months ending April 2013 on $11.7 billion in net interest income. This beat the second-largest bank defined by profits, National Commercial Bank of Jamaica, which earned $4.5-billion net profit on $11.1 billion in net interest income for its half-year ending March 2013.NCB, however, regains the top slot when defined by total assets at $414.1 billion, compared to SGJ at $382 billion, company financials indicate.SHARP… takes up appointment September 1

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Scotia Jamaica appoints first female CEO