The financial sector has noticed an upsurge in fraudulent practices.
The Banking Association continues to warn members of the public against sharing personal financial information.
A Joint Select Committee on Financial and Legal Affairs examined the existing anti-fraud and customer protection measures utilised by local banks and credit unions.
Vice Chairman of the Joint Select Committee and Minister of Public Utilities, Marvin Gonzales, noted that the collaborative efforts being made within the sector will benefit citizens of Trinidad and Tobago.
Board Member of the Bankers Association and the Managing Director of RBC Royal Bank, Richard Downe, noted that Visa and Mastercard regulate how local banks proceed with fraudulent claims. He warned citizens to remain up-to-date with their banking records.