President of Pakistan Businessmen and Intellectuals Forum (PBIF) Mian Zahid Hussain has urged the State Bank of Pakistan to immediately direct all the banks to upgrade their IT security per international standards to safeguard the money and confidential information of the accountholders.
He expressed concern over recent ATM fraud in which hundreds of accountholders lost their money saying it has exposed weaknesses in the banking system. He cautioned that the data of important departments could also be hacked to use it against Pakistan and the relevant authorities should not take it for granted. He proposed that internet security should be declared a matter of the national security.
"Over ten million people are using ATM cards while the monthly transactions through plastic cards have surpassed rupees one trillion, therefore, these people deserve security," he said alerting that, otherwise ATM cards would lose popularity compelling accountholders to prefer approaching banks for transactions putting an additional burden on the banks.
PBIF president suggested the banking companies that fail to improve their security systems should face harsh action by the regulator so that a precedent could be set, in this regard. "Banks can be asked to enhance the number of ATM card pin code from four to eight digits and the authorities can consider induction of biometric verification before every transaction," he proposed. Mian Zahid who also served as minister said that many powerful countries are against CPEC and they are trying their best to embarrass Pakistan and tarnish its image by every possible means which also include hacking of banking system.
Copyright Business Recorder, 2017