WITH the increasing dependency on Automatic Trailer Machine (ATM) for day to day financial transactions, fraudulence of the plastic currency has been threatening the financial security and popularity of ATM as well. In this incurring backdrop, experts, as per The New Nation, have underscored that the banking sector should prioritize cyber security of the customers’ account with them and secured financial transactions for today and tomorrow’s banking. We see the unsecured banking transaction in our country has made the heisting a playful game for the novice cyber hackers that drain out people’s hard earned savings. The Central Bank, which itself the worst “victim of cyber attack” should equip the sector with IT experts, honest and professional bankers without any delay for combating further attacks.
According to information released by affected banks and the probe committee of the Central Bank, a cyber crime ring has successfully collected information of 200 card holders and skimmed off Tk 2.5 million from four booths in February last. We are more concerned with why banks have not taken measures to protect their clients from such fraudulent practices when people in the urban centres use ATM facilities to make withdrawals about 15 to 20 crore per day using debit and credit cards. The Central Bank has issued directive to banks to instal anti-skimming devices in their ATM out-lets, but the progress is too slow to mention.
The use of smart cards (debit & credit) is now a way of life for urban citizens. Given the ease of use and convenience, we simply cannot afford to have any lapses in security. There are some 9 million such cards in circulation and some banks have already introduced microchip based cards which acts to protect card holders from precisely this sort of cyber crimes. Now that a circular has been issued by the Bangladesh Bank, it is up to the banking sector to respond swiftly to protect their clients from financial scams within the stipulated timeframe. The country’s swift digitalization would be rhetoric if the government failed in protecting people’s money in bank accounts from cyber attackers and unscrupulous people for their ineptness and lack of IT experts.
According to information released by affected banks and the probe committee of the Central Bank, a cyber crime ring has successfully collected information of 200 card holders and skimmed off Tk 2.5 million from four booths in February last. We are more concerned with why banks have not taken measures to protect their clients from such fraudulent practices when people in the urban centres use ATM facilities to make withdrawals about 15 to 20 crore per day using debit and credit cards. The Central Bank has issued directive to banks to instal anti-skimming devices in their ATM out-lets, but the progress is too slow to mention.
The use of smart cards (debit & credit) is now a way of life for urban citizens. Given the ease of use and convenience, we simply cannot afford to have any lapses in security. There are some 9 million such cards in circulation and some banks have already introduced microchip based cards which acts to protect card holders from precisely this sort of cyber crimes. Now that a circular has been issued by the Bangladesh Bank, it is up to the banking sector to respond swiftly to protect their clients from financial scams within the stipulated timeframe. The country’s swift digitalization would be rhetoric if the government failed in protecting people’s money in bank accounts from cyber attackers and unscrupulous people for their ineptness and lack of IT experts.
