Consumer Fraud Prevention

What is JN Money?

JN Money is the number one Caribbean-owned remittance brand with a network of more than 7000 agents and branches across the Caribbean, North America, the United Kingdom, Africa and Asia-Pacific. It is owned and operated by JN Money Services Limited (JNMS), a subsidiary of the JN Group.

Renowned for its fast and quality service, JN Money’s products and services are safe, convenient and affordable and create value by meeting the needs of Caribbean nationals through world class customer service and innovative offerings that utilize the most modern technological solutions.

What are the common consumer fraud scenarios I should be aware of?
  1. Persons who may contact you by letter, text messages, emails and telephone calls telling you that you have won a lottery or sweepstake, which you did not enter
  2. Persons who may ask you to send funds to them in order to cover costs such as insurance, attorney fees, etc. in order for them release winnings
  3. Persons who may ask for personal information, such as credit card number and account information among other personal financial details
  4. Persons who may ask you to send funds using JN Money or any remittance brand in order to “test” a company’s money transfer processes
  5. Opportunities that seem too good to be true
What should I do if I doubt a person claiming to be from JN Money contacts me?

If someone claiming to be a JN Money representative contacts you and you are in doubt call our customer care or email us at jnmtonline@jnbank.com.

JN Money will never ask you to provide personal information such as your personal identification number (PIN), credit card number and account information; your username and passwords and other personal financial information.

What should I do if I am scammed?

If you believe you have been scammed, contact your local police department immediately. We provide money transfer services from sender to receiver and urge our customers to be very careful to ensure that they do not send money to unintended recipients.

You may also contact the following organizations depending on the country you are located in to file a complaint:

USA
  1. Federal Trade Commission or call toll free 1-877-FTC-HELP
  2. Internet Crime Complaint Center
  3. National Consumers League’s Fraud Centre
Canada
  1. Phone Busters (Anti-Fraud Call Centre): 1-888-495-8501 (toll free from Canada or the US)
United Kingdom
  1. Metropolitan Police
  2. Serious Fraud Office
European Union
  1. European Anti-Fraud Office
Does JN Money Transfer offer buyer protection or a third party service?

JN Money does not provide a third party service or buyer protection. We provide money transfer services from sender to receiver and urge our customers to very careful to ensure they do not send money to unintended recipients. It is the customers’ responsibility to ensure that they know who the funds are being sent to.

Did You Know?
Consumer Fraud Facts
  1. Over 30,000 calls attempting to defraud American citizens are made from Jamaica to the U.S. everyday. Thousands of those calls are made to residents of Maine, New Hampshire, and Vermont (CaPRI, 2012)
  2. Complaints about Jamaican lottery scams increased to 29,000 in 2012 compared to 1,867 in 2007 (Federal Trade Commission, 2012)
  3. American citizens are defrauded out of approximately US$1 billion annually by lottery scammers (Federal Trade Commission, 2012)
  4. 90% of lottery scam/ advance fee fraud victims do not report that they have been scammed (CaPRI, 2012)
  5. A majority of victims of advance fee fraud are senior citizens residing in the United States and in states with high Jamaican populations, such as New York, New Jersey, and Florida (CaPRI, 2012)
  6. Males are more likely to fall prey to advance fee fraud and are also more likely to lose more money to these scams (CaPRI, 2012)
  7. More than 30 million consumers are defrauded each year (Financial Fraud Research Center, USA, 2011)
  8. One in four investment fraud victims were contacted by fraudsters via telephone (Financial Fraud Research Centre, USA, 2011)
  9. Overall, only one in three older fraud victims admit to being scammed, compared to about one in two victims under age 55 (Financial Fraud Research Centre, USA, 2011)
  10. Overall, only four in 10 fraud victims admit to being victimized when asked directly (Financial Fraud Centre, 2011)
  11. 58% of investment fraud victims score higher on financial literacy measures than non-victims (41%) (Financial Fraud Research Centre, USA, 2011)
  12. 32% of lottery scam victims score lowest on financial literacy measures (Financial Fraud Research Centre, USA, 2011)
  13. Four in 10 lottery scam victims are men (Financial Fraud Research Centre, USA, 2011)
  14. Investment fraud victims are almost twice as likely to have a college degree than a non-victim (Financial Fraud Research Centre, USA, 2011)
  15. Nine out of 10 investment fraud victims are men (Financial Fraud Research Centre, USA, 2011)
Types of Scam
  1. Lottery / sweepstakes scams

    Lottery scammers are often unsolicited and persistent. They may contact you by way of letter, text messages, emails and telephone calls (as is often done by Jamaican scammers from area code 876), telling you that you have won a lottery or sweepstake, which you did not enter. Scammers normally use the names of legitimate gaming entities and organizations to make it appear that the lottery you have “won” is real. They often ask you to send funds to them in order to release the winnings, which are often quoted costs, such as insurance, attorney fees, taxes, bank fees etc. The scammers make excuses to delay the release of the “winnings” in order to continually collect “fees” from their victims. They will also sometimes send cheques in order to convince you that you have actually won funds, but these cheques are always be dishonoured by financial institutions.

    Scammers often target the elderly, widows or widowers and persons who may be lonely and are looking for relationships. Many victims were raised at a time when it was impolite to hang up the phone on a person and so are hesitant to discontinue calls. Lottery scammers often isolate their victims and, using savvy methods, are able to disguise the location from which they are calling to give the impression they are located in the US or the particular state or country in which the victim is situated.

    Tips to avoid lottery and sweepstakes scams
    1. If it looks or sounds too good to be true, it probably is.
    2. Do not send or pay any “fee” in order to claim winnings
    3. Do not open emails or entertain phone calls purporting that you have won money
    4. Never reply to spam emails or call numbers in emails or letters or respond to texts from persons indicating that you have won a lottery or sweepstake which you did not enter
    5. Don’t click on links or attachments in emails or messages claiming you have won a competition which you did not enter
  2. Internet Purchase Scams

    Usually an internet scammer may try to convince you that you are purchasing from a legitimate company or seller on the internet. He, she or they may instruct you to make a payment using JN Money or another popular and established remittance brand, or to provide your credit card number or account information. After a transaction takes place, no merchandise is received.

    Tips to avoid lottery and sweepstakes scams
    1. Make sure you are purchasing merchandise from a reputable source
    2. Do your homework on the individual or company to ensure that they are legitimate
    3. Obtain a physical address rather than simply a post office box and a telephone number, and call the seller to see if the telephone number is correct and working
    4. Send an e-mail to the seller to make sure the e-mail address is active, and be wary of those that use free e-mail services where a credit card was not required to open the account
    5. Consider not purchasing from sellers who won’t provide you with this type of information
    6. Check with the Better Business Bureau from the seller’s area
    7. Check out other websites regarding this person/company
    8. Do not judge a person or company by their website. Flashy websites can be set up quickly
    9. Be cautious when responding to special investment offers, especially through unsolicited e-mail
    10. Be cautious when dealing with individuals/companies from outside your own country
    11. Inquire about returns and warranties
    12. If possible, purchase items online using your credit card, because you can often dispute the charges if something goes wrong
    13. Make sure the transaction is secure when you electronically send your credit card numbers
    14. Consider using an escrow or alternate payment service.
  3. Person in Need Scams

    Scammers using this method will try to convince you to provide funds urgently by posing as a relative or friend in need. The “Nigerian letter” or the “419 Scam” is a good example of this type of fraud.

    Tips to avoid lottery and sweepstakes scams
    1. Be skeptical of individuals representing themselves as Nigerian or any foreign government official or anyone, including relatives and friends, via email or letter, asking for your help by placing large sums of money in overseas bank accounts
    2. Do not believe the promise of large sums of money for your cooperation
    3. Guard your account information carefully
  4. Employment / Secret Shopper Scams

    Fraudsters using this method trick their victims into believing that they have found their dream job working from home. These jobs are often posted in classifieds and on job-seeking websites or some scammers send their victims emails about jobs that require minimal effort to earn substantial incomes. A popular “dream job” scam is an offer for customers to act as secret shoppers and send money transfer transactions to test the money transfer company’s processes.

    Tips to avoid lottery and sweepstakes scams
    1. Reject any “company” that requires payment for anything or to send funds in order to test processes for money transfer companies etc.
    2. If the opportunity sounds too good to be true, it perhaps is
  5. Loan and Investment Scams

    Criminals using this method often pose as legitimate companies or institutions that offer loans and high yielding investment opportunities. These criminals may sometimes place advertisements in papers or on the internet. Persons who respond to the advertisement are often asked to provide personal information, such as ID, credit card information, bank account details, among other information. The victim is then asked to send money to the person, institution or company posing as a loan provider or investor to pay for insurance or to cover other costs such as the first loan payment or the purchase of the investment or mandatory fees. Some scammers may request several months’ payments in advance. Once they receive the money no funds are usually paid out, but in addition to losing money, the information they have provided to the fraudsters also put victims at risk of identity theft.

    Loan investment schemes come in many forms including, letters of credit; prime bank notes; ponzi schemes or pyramid schemes.

    Tips to avoid lottery and sweepstakes scams
    1. Opportunities too good to be true usually are
    2. Do not invest in anything unless you understand the deal. Scammers rely on complex transactions and faulty logic to explain fraudulent investment schemes
    3. Letters of credit do not exist so they cannot be invested in
    4. Be wary of any investment that promises high yields on your principal
    5. Always independently verify the terms of any investment that you intend to make, including the parties involved and the nature of the investment. In that vein, be very wary of investments that make it difficult for you to verify their legitimacy
    6. Be on the alert for any investment that requires that you bring other persons in the loop to increase your earnings
  6. Romance Scams

    Romance scams come in various forms and are aptly named because criminals who engage in this type of fraud manipulate their victims into believing that they are in a romantic relationship with them. Fraudsters use social networks, online dating sites, and mail bride services.

    Tips to avoid lottery and sweepstakes scams
    1. Always be mindful that the person with whom you may be corresponding is a fraudster and do not allow emotions to factor into your decision making.
    2. Think twice before sending money to someone you have only recently met online or have not met in person
    3. Never give credit card or online account or any personal information to anyone by email as criminals may also use your photos and personal information to steal your identity
    4. Do not make arrangements with strangers who ask for money up-front
Useful Resources
  1. Ministry of National Security
  2. Financial Services Commission
  3. Tax Administration Jamaica
  4. Ministry of Justice
United States of America
  1. Federal Trade Commission
  2. Internet Crime Complaint Center
United Kingdom
  1. Metropolitan Police
  2. Serious Fraud Office
European Union
  1. European Anti-Fraud Office
Canada
  1. Phone Busters (Anti-Fraud Call Centre): 1-888-495-8501 (toll free from Canada or the US)