Bankers' Association disappointed in "light penalties" for fraudsters

Despite being satisfied with the quick response of authorities in cracking down on fraudsters and preventing future abuse of electronic systems, the Bankers' Association of TT (BATT), expressed disappointment over the apparent lenient penalties shown to persons convicted of fraud, according to a release issued this afternoon.

The release urged commended authorities and institutions for doing their part in clamping down of abuses within the system, but also lamented the failure of the lawmakers to ensure that stricter penalties were in place to hold fraudsters accountable for their crimes.

"BATT is disappointed in the comparatively lenient penalties imposed on those convicted of fraud, which we understand is largely attributable to the inadequacy of the governing legislation under which charges can be laid and enforced."

The release added that failure to continuously update legislation governing fraud to match advancements in information technology left institutions and the nation vulnerable to repeated crimes and urged officials to make the necessary amendments. Referring to the Electronic Transaction Act of 2011, the Association suggested an amendment to incorporate where the cardholder uses their own card to commit fraud.