Electronic payments soar by 55.7 % in The Bahamas – CARICOM Business

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The Central Bank of The Bahamas 2020 payments survey shows that there were 3,317 cases of cheque, debit and credit card fraud cases processed by commercial banks valued at some $5 million. 68.6% of the fraud involving debit card transactions totalled about $900,000.

This rise in payment fraud comes as the volume of electronic payments through the Bahamas Interbank Settlement System Real Time Gross Settlement System increased by 55.7%, with 213,025 transactions last year valued at $45.5B. Debit card transactions declined by 17.1% to 12.4 million transactions, with values also declining by 7.7% to $1.8B

Extract from CARICOM BUSINESS Vol. 4 No. 18

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