Cyber security is getting a lot of attention in these past few days. Fresh in our frightful and alert minds, we had the ATM scam. Now we are all getting worked up about getting our SIM biometrically registered with various slogans and inspirational offers. What about the flip side? The significance of being online in our lives is stepping onto a new step though online payment and personal information disclosure. This post features a few activities happening towards a word of caution
Calls for stronger cyber security get louder
On a seminar on integrating VAT e-payment, some top policymakers suggested that every precaution is fore sought to safeguard online financial transactions. Giving caution to the wind, they expressed the risks we are posing to ourselves by integrating our lives and money online. Since it is common knowledge that FBI, WB and IMF has also been caught under fire of hackers, the Bangladesh Bank Governor expressed the need to be cyber secure. Already many systems are in place and further being suggested.
Atiur: Bring online VAT payment under MFS
The Governor further suggested that all banks should cooperate to bring the VAT under e-payment system by December this year. He reasoned as being highly logical since 30m people are using the MFS. All procedures from registration to refund, including legal actions should be allowed to be completed under mobile e-payment mechanisms. This will help transcend from the hassling and time-consuming manual process, shredding all listless bureaucracy. Mismatch of tax accounting between NBR and the Controller of General Accounts would be minimized to zero.
Banks move to equip ATMs with anti-skimming devices
After the Tk 25 lakh ATM skimming, which cost banks more than financially through a drop in customer confidence, anti-skimming devices are the next directive of next generation banking. 22 banks have requested for installing this feature to the Bangladesh Bank. These services come in the form of anti-skimming device which protects the card, costing between Tk 25-80,000; and PIN shields, protecting PIN entry from installed mini cameras in the ATM, costing between Tk1-2,000. Banks have produced circulars to vendors to supply with installing these devices. The BB has stipulated a deadline of 1 month, while there are a total of 7,500 ATMs countrywide. 3,000 of them already have such devices.
Legal notice seeks halt to biometric SIM registration
A legal writ petition has been filed to the Supreme Court on behalf of a citizen in Dhaka, on halting the biometric SIM registration, reproducing that the collection is illegal, arbitrary, malafide and without any substance of security. A lawyer also added to the concerns that private companies may abuse this data. The data if passed on to international criminal organizations poses a magnanimous risk to our citizens.
DSE launches share trading app next week
A DSE-Mobile app is going to be launched next week amid so much online financial traumas. This is assumed to bring in fresh new investors as well as easing facilities for present ones, by shifting all operations online. Despite a malfunction previously, all issues are settled and the app is test run by the DSE. Features of the app will be providing information, including buy or sell alerts, notifications and portfolio status of investors, which are complex to access on the website. Initially being available freely, may later be subject to trading information through transactions. The DSE recently replaced their 16-year-old system worth a cost of Tk 35 crore.
Calls for stronger cyber security get louder
On a seminar on integrating VAT e-payment, some top policymakers suggested that every precaution is fore sought to safeguard online financial transactions. Giving caution to the wind, they expressed the risks we are posing to ourselves by integrating our lives and money online. Since it is common knowledge that FBI, WB and IMF has also been caught under fire of hackers, the Bangladesh Bank Governor expressed the need to be cyber secure. Already many systems are in place and further being suggested.
Atiur: Bring online VAT payment under MFS
The Governor further suggested that all banks should cooperate to bring the VAT under e-payment system by December this year. He reasoned as being highly logical since 30m people are using the MFS. All procedures from registration to refund, including legal actions should be allowed to be completed under mobile e-payment mechanisms. This will help transcend from the hassling and time-consuming manual process, shredding all listless bureaucracy. Mismatch of tax accounting between NBR and the Controller of General Accounts would be minimized to zero.
Banks move to equip ATMs with anti-skimming devices
After the Tk 25 lakh ATM skimming, which cost banks more than financially through a drop in customer confidence, anti-skimming devices are the next directive of next generation banking. 22 banks have requested for installing this feature to the Bangladesh Bank. These services come in the form of anti-skimming device which protects the card, costing between Tk 25-80,000; and PIN shields, protecting PIN entry from installed mini cameras in the ATM, costing between Tk1-2,000. Banks have produced circulars to vendors to supply with installing these devices. The BB has stipulated a deadline of 1 month, while there are a total of 7,500 ATMs countrywide. 3,000 of them already have such devices.
Legal notice seeks halt to biometric SIM registration
A legal writ petition has been filed to the Supreme Court on behalf of a citizen in Dhaka, on halting the biometric SIM registration, reproducing that the collection is illegal, arbitrary, malafide and without any substance of security. A lawyer also added to the concerns that private companies may abuse this data. The data if passed on to international criminal organizations poses a magnanimous risk to our citizens.
DSE launches share trading app next week
A DSE-Mobile app is going to be launched next week amid so much online financial traumas. This is assumed to bring in fresh new investors as well as easing facilities for present ones, by shifting all operations online. Despite a malfunction previously, all issues are settled and the app is test run by the DSE. Features of the app will be providing information, including buy or sell alerts, notifications and portfolio status of investors, which are complex to access on the website. Initially being available freely, may later be subject to trading information through transactions. The DSE recently replaced their 16-year-old system worth a cost of Tk 35 crore.
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