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Banks still vulnerable to online fraud in Pakistan

Banks still vulnerable to online fraud in Pakistan

 Web Desk..
The pace of Pakistan’s transformation to a digital economy has enhanced due to the COVID-19 pandemic though banks in the country are still losing an estimated Rs1 billion in online fraud every year, a news published in Express Tribune said.
According to the news Habib Bank Limited Chief Operating Officer Sagheer Mufti while speaking at the 12th International Information Security Conference of Pakistan said after eradication of the Covid-19 pandemic, cybersecurity would emerge as one of the top risks for the entire world.
He said, “Online fraud such as fake phone calls to retrieve personal information and ATM scamming can alone cost the local banking industry up to Rs1 billion a year.” “Thus, digitalisation can be a hindrance rather than a boon for Pakistan if it is not fully secured,” Mufti added. He revealed that Pakistan had been a victim to at least 11 suspected state-sponsored cyber operations since 2009.
Mufti said the cybersecurity market will grow by 12-15% through 2021 while global spending on cybersecurity will exceed $1 trillion from 2020 to 2025.
He voiced fear that a single cyberattack could jeopardise online businesses and services in the country. “The cost of reputational damage cannot be aggregated and you lose market share to competitors,” he said.
 IBM Security Services Global Lead Partner Dr Tamer Aboualy pointed out that Pakistan had a vulnerable cybersecurity infrastructure and organisations were using security devices which were easy to misuse and conduct cyberattacks.

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