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 ebanking e-fraud has become a global problem. This paper seeks to examine two jurisdictions, namely Jamaica and the United Kingdom, in relation totheir 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.