This was stated by a group of experts working to control cyber and banking crime through Internet at an 'International Conference on e-Legislation - Electronic Banking' organised by the e-Commerce Resource Centre (ECRC) here on Monday.
Financial Working Group chairman and head of Information Technology, Pakistan, Arif Siddiqui in his detail briefing on 'Threats & Risk to Banks - e-Banking' said the criminal justice system in the country faces shortage of trained information technology investigators and analysts.
Crimes also encouraged by the lack of forensic standards; that is why they are committed freely.
Arif Siddiqui said: "No cyber or e-banking case has been registered yet under Electronic Transaction Ordinance (ETO), 2002.
Crimes targeting banks are occurring in our country and there is a series of Automated Teller Machine (ATM) card frauds in Pakistan.
But, internationally, financial crimes also include credit card, debit card frauds, switch account balancing, connectivity between banks & any corporate or switch Internet banking, mobile banking, electronic banking, use of false e-mail for any instructions of senior official to their junior bank staff, forgery by using computer scanners, printers and money laundering, he said.
These crimes are mostly done by people of young age group (mostly students).
Experts said: "We cannot stop hacking because it knows no boundaries, but it can be monitored in the country."
There is a need to establish high-profile security awareness programme and keep watching possible risks and install corporate firewalls that would help reduce such crimes.
There must be a standard guideline to be prepared for Internet banking, ATM switch, debit card switch. The experts said that banks should introduce customer awareness plan as part of product launching and establish key risk assessment process before launch of any product.
Ministry of Information Technology and Telecom legal director Syed M. Anwer said the federal government is going to establish a certification council in next few days.
The council comprised of five members including four members from private sector, he added.
Later, in his concluding address as the chief guest, Provincial Minister of Information Technology Syed Mustafa Kamal said the government fully support efforts to implement the electronic laws in the country.
He said that one of the major hurdles in bringing investment for BPOs to Pakistan is absence of appropriate electronic laws.
He also mentioned that Internet banking transactions are not legally covered and laws need to be promulgated to protect citizens, businesses and the government.