E-banking and e-fraud: A comparison investigation in Jamaica and the UK

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 two jurisdictions, namely Jamaica and the United Kingdom, in relation to their reported instances of e-fraud and its impact on E-banking. 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. The paper will be divided into four sections. Firstly the paper will explore e-banking and e-fraud generally. Secondly the paper will examine the manner in which the credit crisis has affected both Jamaica and the United Kingdom. Thirdly the paper will identify the levels of e-banking and e-fraud in both jurisdictions. Finally the paper will explore the government and regulatory response each jurisdiction has had in light of the e-banking and e-fraud and propose various recommendations in light of the researcher's findings.