Invest in security, Banks, financial institutions urged

BANKING and financial institutions in Zambia should invest heavily in security features to protect their clients from cybercrime, Texila American University- Zambia deputy vice Chancellor, Vijayakumar Rajarathinam has advised.

Dr Rajarathinam said it was worrying that reports of fraudulent activities that leave unsuspecting citizens vulnerable have continued.

He said in an interview that as citizens migrate to cashless transactions, multifactor authentications are necessary to ensure that their transactions are protected from criminals.

He has since called on relevant authorities to ensure the safety of every citizen through intensified security features and amplified community awareness programs.

“It is therefore important for the banking and financial institutions to invest heavily in security features that will protect their clients from cyber-crime,” he said.

Meanwhile, Dr Rajarathinam said the Covid-19 pandemic has ushered in some positive strides towards migration to online banking and cashless transactions such as mobile money.

He however noted the high risk of fraud and cyber-crime and urged citizens to be alert. He said there was need for advanced education in the financial sector that would then benefit citizens to ensure safety in financial transactions.

He also called on financial institutions and service providers to build up security measures that would protect their clients from fraudsters and cyber criminals. He said perpetrators of cybercrime should be dealt with accordingly.

Dr Rajarathinam further highlighted the importance of mutually beneficial partnerships among finance and banking institutions to ensure that security information is trickled down to every citizen, especially in the wake of the Covid19 pandemic.

He noted that the pandemic has crippled many businesses and institutions and therefore there was urgent need to build lasting relationships which will alleviate its negative impact on society.