PBA's per­spec­tive on bank data hack­ing

The Financial Daily - - NATIONAL -

KARACHI: In view of the re­cent re­ports cir­cu­lat­ing in the me­dia around the data hack­ing of Pak­istani banks, a spokesper­son of the Pak­istan Banks' As­so­ci­a­tion (PBA) has em­pha­sized that SBP guidelines for es­tab­lish­ing cy­ber se­cu­rity have been is­sued in 2017, for nec­es­sary com­pli­ance by all banks, which are com­pre­hen­sive and cover all as­pects of tech­nol­ogy, says a Press re­lease.

The Pak­istan Banks' As­so­ci­a­tion, in its en­deavor to sup­port the in­dus­try as well as SBP, had al­ready es­tab­lished a ded­i­cated fo­rum for Cy­ber Se­cu­rity.

Ac­cord­ing to the spokesper­son, the IT se­cu­rity of one bank was com­pro­mised, other than that no breach has been re­port- ed.

He said that the in­dus­try is mov­ing to­wards the dig­i­tal era, and con­sid­er­ing the risks and threats, banks are con­tin­u­ously de­vel­op­ing, strength­en­ing and im­ple­ment­ing risk based con­trols in their en­vi­ron­ments.

The PBA spokesper­son has, how­ever, said that it is im­por­tant to un­der­stand the dif­fer­ence be­tween fraud­u­lent trans­ac­tions and hack­ing at­tempt. Fraud­u­lent trans­ac­tions can be suc­cess­ful with­out hack­ing the bank. When a cheque book or a leaf of a cheque book is lost, it can be used by fraud­sters to steal money.

Like­wise, if a credit or debit card is lost or stolen, it can also be used in fraud­u­lent trans­ac­tions. Such fraud­u­lent trans­ac­tions do not mean that the tech­nol­ogy in­fra­struc­ture of the bank has been hacked. Sim­i­larly, if the data stored in the debit or credit card is fraud­u­lently copied or stolen, then such data can be saved on a du­pli­cate fake card. Such a fake card can also be used to do frauds, es­pe­cially if the fraud­ster also finds out the PIN associated with the orig­i­nal card.

The spokesper­son has ad­vised the bank­ing customers not to re­spond to re­quests for their con­fi­den­tial and per­sonal in­for­ma­tion via var­i­ous chan­nels in­clud­ing, but lim­ited to, SMS, email (with or with­out em­bed­ded links), phone calls etc. to pro­tect them­selves against any iden­tity theft or fraud.

PBA is the sole rep­re­sen­ta­tive body of banks & DFIs op­er­at­ing in Pak­istan.

IS­LAM­ABAD: Fi­nance Min­is­ter Asad Umar chair­ing ECC meet­ing, here Wed­nes­day. - PID photo

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