Fintech Expert Warns of Rising ATM Malware Attacks in the Caribbean

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KINGSTON, Jamaica

 A senior fintech executive is warning Caribbean financial institutions to brace for a wave of ATM malware attacks, which have increased by 46% in the Latin America and Caribbean region over the past six months.

Dwayne Russell, Managing Director of MC Systems, issued the warning during a panel discussion at the Jamaica Bankers’ Association (JBA) Anti-Fraud Committee and the Jamaica Institute of Financial Services (JIFS) Annual Anti-Fraud Seminar, held at the Terra Nova All-Suite Hotel in Kingston.

A Growing Cyber Threat

“It hasn’t reached us yet, but we know it’s in the region. That’s why we’ve already started reinforcing our systems,” Russell said, emphasizing that while Jamaica has not yet been targeted, the risk is imminent.

ATM malware attacks involve malicious software that compromises ATMs, enabling criminals to steal cash or extract sensitive data. These attacks can occur via physical tampering, network infiltration, or even remote exploitation.

“Attackers are getting creative. They’re bypassing traditional defenses and launching attacks from within financial systems,” Russell explained.

Action Being Taken by MC Systems

As the fintech provider behind nearly half of Jamaica’s ATMs, MC Systems is strengthening security by:

  • Tightening monitoring protocols

  • Upgrading system configurations

  • Implementing real-time threat detection powered by AI

  • Ensuring all engineers are fully certified on new threat vectors

“Cybersecurity isn’t just a tech issue—it’s a trust issue,” Russell said. “We all have a role to play in protecting the systems that power our economy.”

Industry Collaboration is Key

The seminar brought together stakeholders from banking, law enforcement, telecoms, and the Bank of Jamaica, emphasizing cross-sector collaboration in responding to increasingly complex cyber threats.

Russell stressed the need for proactive defense measures, noting that artificial intelligence and certified expertise are crucial for detecting and neutralizing modern attacks before they can cause harm.

Our Opinion
This is a wake-up call for the Jamaican banking sector. While the island has been fortunate to avoid ATM malware attacks so far, the rapid rise of such threats across the Caribbean signals it's only a matter of time. Dwayne Russell’s warning is not alarmist—it’s preventive. Now is the time for banks, regulators, and fintech firms to work together to harden Jamaica’s financial infrastructure against emerging cyber threats.

Stay informed on digital security. Follow Mykro Wave TV JM for more updates on fintech, cybercrime, and the innovations shaping Jamaica’s future economy. Share this story to raise awareness.

Dwayne Russell, Managing Director of MC Systems



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