BANKING TRANSFORMING INDUSTRY, DEVELOPING ZAMBIA

and Exchange Commission. The Association also works to ensure that the bank-

BAZ is a mouthpiece of the banking sector and is ing industry views are put forward when government mandated to address various matters of common in- determines policy or legislation. Many areas of law and dustry interest through lobbying, advocacy and poli- including international law impact upon the interests the transaction cy influence. data, The so Association that tween aims at the facilitating customer the of and commercial the banks plemented in Zambia. various meaany change industrial in and transaction innovation growth bank of the to sector, protect as well transaction For example, sures issues of to micro provide and fiscal access policies to and details would as building invalidate and sustaining the good-will data from and public being con- altered. financial The sector encrypted reform affect the communications trading environment code. fidence in the commercial banking data sector. is then One presented of the for banks in a in Zambia or devices and the Association for purposes consults of its The history of the banking sector in Zambia Secondly, ways this the mandate confidenis realised manner is through engagement that the user members can to form national industry security, position on by many law such enis- dates In as far back some as 1906, jurisdictions when the first commercial tiality and with integrity critical Government of the agencies confirm and ministries that it corresponds as sues. With the forcement active participation wings. of However, the member bank-Standard Chartered Bank was established, transaction with well data as other needs critical to stakeholders be with in the their Zambian intended econ- banks, transthe Bankers Governments Association of Zambia are cautioned works to fos-

around the world, the Revised it first branch opened in Kalomo District of Southern omy. throughout the auaction before generating ter an environment an to refrain in which from financial citing services MITM are val-

Payment Services Directive protected

Province. In the last 114 years of the existence and thentication oper- ued and on can prosper. attacks In to communicating enable law the enforceindustry’s

(PSD) in Europe, compels process, so a bad authentication code based ation of the commercial banking sector in Zambia, actor the cannot HOW intercept WE WORK the transaction’s details. views, the Association ment wings works to with unwarrantedly Government, the

banks and financial instituand country currently has 18 registered commercial alter banks. the The Bankers This ensures Association of Zambia Only works the bank with its can regulators, generother access industry private associations, communicathe community,

tions towards evolving their details.

Taking into account the critical role played the by the members to provide code analysis, is advice ate this and code advocacy and and it can community only groups tions. and Creating the media. these capabili

online and mobile banking authentication sector in the provision of banking services to all sec- contributes to the development of public policy on Some of the initiatives greatly that undermines the Bankers Association secu

offerings, introducing a range generated based on authentic be decrypted by the user’s ties tors of the economy the existing banks in the details. country banking and other financial services. of Zambia is working rity for on in collaboration users and with the the infraBank

mobile device. This unique all realised of security the importance requirements of establishing dean umbrella The Bankers Association of Zambia works to ensure of Zambia and

Finally, the customer needs structure other key stakeholders of the internet. include the This fol- body signed that would to counter effectively the represent MITM the interests of that banking system can approach continue to to deliver transaction the lowing: ver-

to be aware of the transaction is because undesirable crimthe attacks. sector. benefits of competition to Zambian ification banking simplifies custom- the expe

data they asked to autheninal elements (hackers and It was PSD against has this set background out requirethat in 2008, the ers. rience because it reduces the

ticate. This means that the -Promoting shared cybercriminals) digital payments could channels use through the Bankers ments Association for Strong of Zambia Customer (BAZ) was formal- user interaction required to

transaction data needs to be same methods created for law ly registered. Authentication Prior to the (SCA) establishment in adof BAZ, the authenticate a transaction.

enforcement purposes for Association dition to operated dynamic informally linking, with the presented chairing to the customer at This allows all the encrypted

their own undue advantage. bank which in a is particular also known year, offering as transall related the secre- time of authorisation. transaction details to be com

MITM attacks present a real tarial action services, data as well signing. as coordinating The dyall activities of municated between the bank

threat not only to the trust the namic membership. linking The Association’s requirement role has overtime and the customer without the

users have in the confidenevolved protects to include a transaction the promotion in three of efficiencies, in- risk of interception or tamtiality and integrity of online novations parts. and industry growth and positioning mem- pering by hackers.

communications, but also the ber-banks Firstly, to continue it requires supporting both that private Cronto sector technology is one As a result, banks can offer security and reliability of the and the Government payer economic authenticate agendas the enshrined way in the in which banks and fia quick, user-friendly securiglobal internet. country’s transaction National Development data they Policies. have nancial institutions can verty solution that protects cus

BAZ inputted aims at such participating as the amount at the highest ify level and of protect customers tomers, and ensures complidecision and the making payee in the and country confirmathrough the against contin- MITB attacks. Cronto ance and ultimately improves ued tion engagement that the with details the three are primary corregulators is available of through Mobile the customer experience. the rect. financial An services authentication sector-the Bank code of Zambia, Applications the and secures the Governments around the

Pensions is then and generated Insurance Authority that links and to the Securities communication channel be world have proposed or im

plays an integral role in the de- velopment of commerce and industry in any economic dispensation. In this regard, banks play an important role in the creation of new capital (or capital formation) in a country and thus

Combating Man in the

help the economic growth process. The banking sys- tem facilitates the intermediation of internal and

Middle Attacks Through

international trade.

Regulation Combating Man in the Middle Attacks Through Technology Takeaways Factsheet: How to Prevent Man in the Middle Attacks

the When National using Financial the Switch internet, we expect that our communications -Developing accessible are confidential and affordable financial and ucts and have services not to been support changed the National or Inclusion tampered Strategy with in transit.

When you enter your password -Promotion for online of Financial banking, Literacy you programs rely groups on the assumption that:

1. Your password matches the -Fraud bank’s Prevention records; and Security awareness

2. The bank receives the password -Leadership in the its development correct form; of policy

and tion.

3. Third parties cannot see, intercept, HOW WE ARE or GOVERNED change your password The Bankers as Association it is sent to of Zambia the bank. through a committee of Chief Executive

commercial This is banks a simple which example, meets monthly but matters in affecting essence the banking a “man-in- sector. The the-middle Association are attack” coordinated works through by the breaking who report to the the Executive second committee. and/or The third Committee of those is elected assumptions. every year at the Annual

Meeting A MITM and is attack made up can of: not only disrupt The Chairperson, communications Deputy Chairperson, between Executive humans, member and but the also BAZ affect CEO who machine-to-machine The Bankers Association of comZambia Secretariat munications currently led by Chief that Executive are vital Officer to who trusted ed by the communications Public Relations & Administrative on the and a internet. Research and Communications Officer.

The If you Chief cannot Executive trust Officer the with consupport nections management you team, make play a crucial to webrole in sites BAZ’s and responsibility online to services, improve public you awareness could understanding be vulnerable of the industry’s to securicontribution ty country’s risks such economy as and fraud, communities, imperwith sonation, emphasis on consultation malware, with and stakeholders. others. Having If your discussed connected in brief devices the background and please objects look out for cannot a two series commucolumn on nicate lating to individual securely financial and reliably, awareness as they joins the may rest of put the world you in and commemorating your household Financial Literacy at risk. Week.

As always, Contact address your feedback is highly Bankers valuable, Association and this of Zambia platform 3rd offers Floor, an Citibank opportunity House for further Stand 4646, engagement Elunda 3 with members Addis Ababa of the Roundabout public on matters P.O. relating Box 34180 to Commercial Banking. Lusaka, Zambia

Please Tel: +260 211 share your 234208/55 feedback with us Fax: via +206 211 E-mail: 233046 Mirriam. Zimba@baz.co.zm E-mail: bazsecretariat@baz.co.zm