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

(Image via Nassau Guardian)

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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