Growth & Jobs | Exercise care when conducting remittance transactions – Hines

HORACE HINES, general manager, JN Money Services, is urging remittance recipients to exercise extra care when sending or receiving remittances during the busy festive season even if using a card to access their funds.

Hines noted that the Christmas period is the busiest time of year for remittance transactions, with Jamaicans abroad sending back US$282.4 million in December 2020. He added that since the pandemic, various studies have shown an increase in card transactions in Jamaica. Therefore, he is urging remittance recipients to be vigilant whether collecting funds at an agent or accessing funds via a card transaction.

“Christmas is normally a busy time for persons receiving remittances from abroad because that is when most families send extra funds to assist with family activities such as Christmas dinners and purchasing gifts. Since the pandemic, some recipients have preferred to have the funds sent to their accounts or to their JN Money Card,” he said.

“Unfortunately, although they will reduce their vulnerability when standing in lines, credit and debit card fraud remains a challenge. Therefore, what we recommend is that persons educate themselves about how to be safe when conducting card transactions or using an ATM,” Hines added.

He said for 2020, a study by Americas Market Intelligence and Master Card revealed that more Jamaicans were now using card transactions because of the pandemic with transaction via that payment method almost doubling.

“The increase in card usage is in keeping with global trends, with payment analytics firm Nilson Report revealing that card transactions are expected to reach US$1 trillion globally by 2027. However, the report adds that credit card fraud will reach approximately US$40.63 billion that same year. Therefore, there needs to be education surrounding card and digital transactions,” he added.

Hines adds that shoppers should also be careful while conducting face-to-face transactions using their cards.

“Whenever you go to shop, never let your card out of your sight because this one of the ways to clone cards. Also, persons should always protect their PINs. Never give it to anyone, especially when at a point-of-sale terminal,” he advised.

He noted that customers should also pay attention to the various scams.

“If someone calls you and informs you that you won a prize but have to go to a money transfer operator to make a payment to receive your prize, then that should be a red flag. The same goes for online payments that ask you to make payments via money transfers,” he said.

The general manager urged customers to exercise caution when conducting transactions at ATMs.

“If for whatever reason you need to use cash, there are some safety tips to follow while at the ATM and after you leave. One of the things you should consider is withdrawing only what you need to do that particular transaction. Also, use ATMs in well-lit areas and ones that are in areas with a lot of traffic,” he advised, cautioning recipients to “avoid those in lonely locations.”

Hines advised that if someone needed to collect via an agent, they should also exercise caution.

“We urge persons who have to collect their remittances over the counter to take care to protect personal property such as their phones, wallets, bags, and jewellery and take note of persons behind you and at the location. Not everyone who will be in the line will necessarily be there to conduct business. Some may have nefarious intentions, and so we advise everyone to be careful,” he explained.