Economic Reporter :
As the incidents of credit card forgery are on the rise, Bangladesh Bank is likely to fix a deadline for banks to take ‘compliance measures’ to prevent fraudulence.
Reports are there that the swindling of both credit and debit cards is growing across the country in connivance with international gangsters.
Banking industry insiders say such crime is taking place due to weak and very old systems of the banks which could easily be broken using advanced technology. They say whenever such fraudulence takes place, banks do not want to make it public considering their reputation, and secretly compensate the victims.
But a study of the Bangladesh Institute of Bank Management shows that the most frequent type of fraudulent activities resulting from a cyber intrusion reported by banks was ATM/point-of-sale schemes (23 percent).
The BBIM study found that 30 percent banks have Online Payment Gateway Service for e-commerce payment processing. As of December 31 last year, 928 online shop owners and merchants were selling products using banks’ payment gateways.
Admitting the credit and debit card-related crimes, Bangladesh Bank Executive Director SubhankarSaha said the central bank receives many complaints about credit card-related crimes.
“We’re now scrutinising the cases of the credit card fraudulence. On completion of our assessment and investigation, we’ll ask the banks to take adequate cyber security measures, and set a deadline for them to comply with the instructions,” he told NN.
Subhankar, also BB’s spokesman, said after last year’s incidents of debit card forgery at the ATM booths, Bangladesh Bank issued a series of instructions, including installation of anti-skimming devices at the booths, to check any fraudulence.
“We think the anti-skimming devices have so far been installed at 90 percent of the ATM booths, and the remaining booths will see the devices installed shortly,” he said.
As the incidents of credit card forgery are on the rise, Bangladesh Bank is likely to fix a deadline for banks to take ‘compliance measures’ to prevent fraudulence.
Reports are there that the swindling of both credit and debit cards is growing across the country in connivance with international gangsters.
Banking industry insiders say such crime is taking place due to weak and very old systems of the banks which could easily be broken using advanced technology. They say whenever such fraudulence takes place, banks do not want to make it public considering their reputation, and secretly compensate the victims.
But a study of the Bangladesh Institute of Bank Management shows that the most frequent type of fraudulent activities resulting from a cyber intrusion reported by banks was ATM/point-of-sale schemes (23 percent).
The BBIM study found that 30 percent banks have Online Payment Gateway Service for e-commerce payment processing. As of December 31 last year, 928 online shop owners and merchants were selling products using banks’ payment gateways.
Admitting the credit and debit card-related crimes, Bangladesh Bank Executive Director SubhankarSaha said the central bank receives many complaints about credit card-related crimes.
“We’re now scrutinising the cases of the credit card fraudulence. On completion of our assessment and investigation, we’ll ask the banks to take adequate cyber security measures, and set a deadline for them to comply with the instructions,” he told NN.
Subhankar, also BB’s spokesman, said after last year’s incidents of debit card forgery at the ATM booths, Bangladesh Bank issued a series of instructions, including installation of anti-skimming devices at the booths, to check any fraudulence.
“We think the anti-skimming devices have so far been installed at 90 percent of the ATM booths, and the remaining booths will see the devices installed shortly,” he said.
